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Accounts at failed Va. credit union await repayment

Monday - 7/1/2013, 5:29am  ET

LYNCHBURG, Va. (AP) -- Nearly 180 accounts at a failed credit union in Lynchburg are awaiting resolution and refunds.

The accounts' collective balance is about $7 million.

National Credit Union Administration spokesman John Fairbanks says another 1,500 accounts at Lynrocten Federal Credit Union have been paid in full. He tells the News & Advance ( ) that more than $2 million has been returned to credit union members.

The credit union was shut down May 3 after the NCUA determined that it was insolvent. It had more than 1,000 members and more than $13 million in assets.

Federal authorities are investigating loans fraudulently taken out in the names of credit union members.


Information from: The News & Advance,

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