If you’re a member of Copper & Glass Federal Credit Union in Glassport, Pennsylvania, you woke up to some big news today: your credit union is no more. But before you panic, here’s the important part—your money is safe, and you’ve got a new financial home.
The National Credit Union Administration pulled the plug on Copper & Glass FCU today, and OMEGA Federal Credit Union swooped in immediately to take over. Think of it like when your favorite local coffee shop gets bought by a bigger chain, except in this case, all your money and loans came along for the ride.
What Just Happened?
OMEGA Federal Credit Union, based in Wexford, Pennsylvania, has assumed everything from Copper & Glass—we’re talking assets, member shares, and loans. The whole package. OMEGA serves over 15,290 members and has over $176.8 million in assets.
For the 1,225 former Copper & Glass members, this transition should be seamless. Your accounts are still insured, your services continue uninterrupted, and you can breathe easy knowing the National Credit Union Share Insurance Fund has your back.
Your Money Is Protected
Let’s talk about insurance coverage, because this is the stuff that actually matters. The Share Insurance Fund protects your deposits up to $250,000 per individual account. Got joint accounts? You’re covered for another $250,000 on your combined interest in those. And if you’ve got retirement accounts like IRAs or KEOGHs, those get their own separate $250,000 protection.
This isn’t some flimsy promise either—the Share Insurance Fund is backed by the full faith and credit of the United States government. It’s as solid as deposit insurance gets.
Why Did This Happen?
The NCUA made the call to liquidate Copper & Glass after determining the credit union was insolvent with no realistic path to recovery. At the time of closure, Copper & Glass had about $5.3 million in assets. The credit union had a good run—it was chartered way back in 1938 and served members from various occupational groups plus anyone who lived, worked, worshiped, or went to school in Allegheny County.
Sometimes financial institutions just can’t make it work, and regulators have to step in before things get worse. That’s exactly what happened here.
What Should You Do Now?
If you’ve got questions about your accounts, OMEGA Federal Credit Union is ready to help. Give them a call at 412.369.3800. They’re available Monday, Wednesday, and Thursday from 8:00 a.m. to 4:30 p.m., Tuesday from 9:00 a.m. to 4:30 p.m., and Friday from 8:00 a.m. to 6:00 p.m.
Need more details about your insurance coverage? Head over to the Share Insurance Coverage section on MyCreditUnion.gov—the NCUA’s consumer website has all the information you need to understand exactly how your deposits are protected.
Bottom line: this is a big change, but your finances are secure and you’re in good hands with OMEGA Federal Credit Union.