At least four federally insured credit unions were closed in 2026, according to the National Credit Union Administration, the federal agency that insures and supervises them. They are Copper & Glass Federal Credit Union in Glassport, Pennsylvania; People Trust Community Federal Credit Union in North Little Rock, Arkansas; African Diaspora Federal Credit Union in Saint Ann, Missouri; and Jackson Area Federal Credit Union in Jackson, Mississippi. The most recent was Jackson Area on Sept. 30.
All four were small, and the NCUA says accounts at each stayed protected by share insurance. The NCUA’s list of conservatorships and liquidations shows no other credit union liquidated this year. Two more were merged into larger credit unions with NCUA help after the agency took them over.
Anyone with money at a small credit union, especially one with a narrow membership such as a single employer or a local government, has a fair question to ask: what happens to my account if the NCUA steps in? The agency’s answer in each 2026 case was the same. Accounts stay protected by the National Credit Union Share Insurance Fund, which covers individual accounts up to $250,000.
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The four closings, in order
Copper & Glass went first, on April 1. The NCUA said it found the 1938-chartered credit union insolvent with no prospect of restoring viable operations. OMEGA Federal Credit Union of Wexford, Pennsylvania, took over its 1,225 members, its loans and its shares on the spot, and the agency says members saw no interruption in service. Copper & Glass held about $5.3 million in assets.
People Trust Community followed on April 30. The NCUA had placed it in conservatorship on Jan. 16. In its liquidation notice, the agency said the credit union was insolvent and operating in an unsafe and unsound manner. It had 1,830 members in Pulaski and Saline counties and about $1.45 million in assets. No other credit union took over its accounts.
African Diaspora, which served members of the African Diaspora Council, was liquidated on Aug. 6. According to the NCUA announcement, it had 183 members and $547,479 in assets, and the agency found it insolvent. It also named no assuming institution.
Jackson Area, the largest of the four
Jackson Area was far bigger. The NCUA says it served 15,704 members with about $60 million in assets, mostly employees of the City of Jackson and Hinds County across 38 groups. The agency took it into conservatorship on May 6 and decided on liquidation after months of analysis because it saw no prospect of restoring viable operations, according to its Sept. 30 announcement.
The same day, the NCUA arranged a partial purchase and assumption. Five Star Credit Union of Dothan, Alabama, bought some of Jackson Area’s assets and took over its share accounts. Five Star has 68,823 members and $1.261 billion in assets. Members can reach it at 888-619-1711 from 9 a.m. to 5 p.m.
Taken together, the four held roughly 18,900 members. In every case the agency cited insolvency and unsafe and unsound practices, language it uses when a credit union is breaking the Federal Credit Union Act or NCUA rules.
What happens to the money
When no other credit union takes over, members do not have to do anything to be protected. The NCUA says that if member shares are not assumed, “all verified member shares are typically paid within five days of a credit union’s closure,” as its list page explains. The agency adds that no member of a federally insured credit union has ever lost a penny of insured savings.
For People Trust and African Diaspora, the NCUA said its Asset Management and Assistance Center in Austin, Texas, would mail letters to people holding verified accounts within a week. Individual accounts are insured to $250,000. A member’s joint accounts combined are insured to $250,000, and IRA and Keogh retirement accounts are insured separately to $250,000.
Mergers that were not closings
Two other credit unions were taken over by the NCUA this year and ended up inside bigger ones. WeDevelopment Federal Credit Union of Kansas City, Missouri, went into conservatorship on July 10. On Sept. 1 it merged into CommunityAmerica Federal Credit Union, which has 594,689 members and $9.0 billion in assets. The NCUA’s list also shows Beverly Hills City Employees Federal Credit Union, in conservatorship since Jan. 22, merging into NuVision Federal Credit Union on June 2.
The NCUA files those under conservatorships and mergers, not liquidations. Counting them as closings, as some readers might, would make it six.
For comparison, the same list shows five involuntary liquidations in 2025: Unilever, Soul Community, Butler Heritage, Aldersgate and Members First of Maryland. That is one more than this year’s four so far.
Where members get hurt
Deposit insurance answers the closing question. It does not answer the question of who can reach the money. When no other credit union takes over, the NCUA says verified shares are typically paid within five days. That is a gap during which a bill can bounce. A creditor can also freeze an account at any bank or credit union.
The NCUA’s own contact point for coverage questions is its Consumer Assistance Center at 1-800-755-1030, weekdays 8 a.m. to 5 p.m. Eastern. Its newsroom posts each closing as it happens. The open question for members is whether the money they rely on each month is sitting where it can be reached.
Is your Social Security or pension sitting in an account a creditor could freeze?
A credit union closing is covered by insurance. A frozen account is not, and for someone who lives on a benefit deposit, a freeze can mean rent or medicine goes unpaid for days. Getting it wrong costs more than a late fee.
The Bank Account & Debt Protection Kit lays out the 2-month bank protection rule and the frozen-account response, with part-by-part steps on what collectors can and cannot take. It also includes a debt inventory, call log and deadline tracker.
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This article was produced with the assistance of AI and reviewed by the editorial team.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
