The National Credit Union Administration facilitated a partial purchase and assumption under which Five Star Credit Union acquired some assets and assumed the share accounts of Jackson Area Federal Credit Union. The NCUA then liquidated Jackson Area, which had 15,704 members and approximately USD 60 million in assets. Transferred members will experience no interruption in services. The liquidation followed the NCUA’s determination that Jackson Area was insolvent, had no prospect of restoring viable operations and had violated multiple statutory and regulatory provisions, including by operating in an unsafe and unsound manner. The credit union had been under NCUA conservatorship since May 6, 2026. All accounts remain covered by the National Credit Union Share Insurance Fund. Individual accounts, combined interests in joint accounts, and individual retirement account and KEOGH retirement accounts are each insured separately up to USD 250,000 under the applicable coverage categories.
US National Credit Union Administration liquidates Jackson Area Federal Credit Union after partial transfer to Five Star Credit Union
The National Credit Union Administration liquidated Jackson Area Federal Credit Union after determining it was insolvent, operating unsafely and had no prospect of restoring viable operations. Five Star Credit Union acquired some assets and assumed its share accounts, with no interruption in member services. All accounts remain federally insured under applicable coverage limits.