RICHMOND — The State Corporation Commission (SCC) has
closed Richmond-based Life Line Credit Union, Inc. The SCC’s Bureau of Financial
Institutions and the National Credit Union Administration (NCUA) took control of
the credit union at 4:00 p.m. Friday (May 23). The NCUA Board has been named receiver.
Virginia Credit Union, Inc. is assuming all member shares. Life Line Credit Union
members become members of the Virginia Credit Union and should experience no interruption
in deposit services. Members may contact the Virginia Credit Union about share accounts
beginning Tuesday, May 27 at (804) 323-6800 or toll free at 800-285-6609.
NCUA’s Asset Management and Assistance Center will take charge of Life Line Credit
Union’s assets and loans and will be sending information in the near future to individuals
who have such loans. Members with questions about their loans may call the NCUA
center toll free at 877-715-0777.
The SCC acted pursuant to Section 6.2-1313 B of the Code of Virginia which authorizes
the Commission to close a state-chartered credit union and take charge of its books,
assets and affairs if a credit union is found to be insolvent. The SCC applied to
the Circuit Court of the City of Richmond to have the NCUA Board appointed receiver.
Life Line Credit Union had one office located at the North Medical Office Building
of St. Mary’s Hospital, 5855 Bremo Road (Suite 701) in Richmond. It has held a state
credit union charter since 1969. The credit union had more than 2,000 members with
assets of approximately $7.9 million.
Virginia Commissioner of Financial Institutions E. Joseph Face, Jr., reminds credit
union members that share accounts of all Virginia credit unions are insured by the
NCUA. The National Credit Union Share Insurance Fund insures individual accounts
up to $250,000 and joint accounts up to $250,000 per member.
Members with additional questions about their insurance coverage may also visit
Case Number BFI-2014-00027
View Order Closing the Credit Union