ALEXANDRIA, Va. – NCUA said this afternoon it liquidated GIC FCU, a $16 million Euclid, Ohio, credit union, the 19th credit union failure so far in 2012.

Remnants of the credit union, which includes 3,400 member accounts, will be transferred to Steel Valley FCU, of Cleveland, in a purchase and assumption agreement. Steel Valley FCU is a $37 million credit union serving more than 7,800 members.

GIC FCU was chartered in 1936 to serve employees of Gould, Inc. and served multiple select groups at the time of closure.

GIC is the 12th credit union liquidation of the year and 19th failure, which NCUA defines as either a liquidation or assisted merger.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.