California Department of Financial Institutions Orders Closure and Liquidation of Sacramento District Postal Employees Credit Union
(San Francisco, CA) The California Department of Financial Institutions (DFI) today announced that Sacramento District Postal Employees Credit Union (SDPECU) was closed and ordered to be liquidated, citing inadequate capital. SDPECU was a privately insured, state-chartered credit union based in Sacramento.
SDPECU’s member deposits are safe. Member accounts are insured for up to $250,000 per account by American Share Insurance.
American Share Insurance (ASI) was appointed the liquidating agent of SDPECU by the DFI. ASI has arranged the transfer of SDPECU’s member share accounts to Southern California Postal Credit Union. SDPECU members can visit the Southern California Postal Credit Union website at www.scpcu.org to learn more about this transaction and its effect on their accounts.
ASI’s press release regarding its appointment as liquidating agent and additional details will be available on their Web site at www.americanshare.com.
California’s financial institutions are symbols of safety and soundness. Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the Department and its licensees, DFI’s website features consumer tips on a variety of financial topics and consumer information brochures in seven languages.
The DFI reports to Traci Stevens, Acting Secretary of the Business, Transportation and Housing Agency and Governor Edmund G. Brown Jr.