INDIANAPOLIS, IN (March 31, 2021) – Elements Financial Federal Credit Union has entered into a "purchase and assumption" agreement with the National Credit Union Administration (NCUA) upon the liquidation and closure of Indianapolis’ Newspaper Federal Credit Union (INFCU) of Indianapolis, Indiana yesterday.
This relationship, effective today, involves Elements Financial as the “"Assuming Credit Union" which is transitioning approximately 500 INFCU members and most of their deposit accounts to its own credit union, where the members are currently earning the same interest rates as before. These funds continue to be insured to $250,000 by the NCUA's share insurance fund per the limits provided by the Federal Credit Union Act
A dedicated team at Elements is working closely and quickly with the NCUA and its partners to transition these members in a short timeframe so they will not be without access to their savings and checking accounts. The members who are transitioning to Elements will receive information at their addresses of record as close to April 1 as possible.
"We understand that the timing of this announcement on April 1 is interesting. Yet we never joke about empowering our members to achieve financial success. That’s exactly what we will do as we welcome these new members from INFCU," said Jeff Joyce, Chief Financial Officer at Elements Financial. "Additionally, by assisting the NCUA with this transition, we are supporting the credit union industry, which is important to us at Elements."
As mentioned, INFCU accounts remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF). Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. No taxpayer funds are used to support the (NCUA) or the (NCUSIF).
The single branch of INFCU on South Meridian Street is closed and their two ATMs are now inactive.
Since that branch was located downtown, a convenient access alternative is the Elements Financial Branch located inside the Farm Bureau Building at 225 South East Street.
Elements is known for better rates, fewer fees, fair account terms and conditions, and sound business practices. As a full-service, locally-based, and federally-insured credit union founded in 1930 and now serving more than 150 organizations and 110,000 members, Elements is ready to serve this new segment of members with financial wellness solutions and education to fit their individualized situations and goals.
Complete details about this transition can be found at elements.org/Transition.
INFCU members with questions about their accounts may contact Elements at 317-524-5025, Monday through Friday from 8 a.m. to 4:30 p.m.
Please also look to these organizations for support:
To inquire about LOANS, none of which transitioned to Elements:
Effective April 1, members who have loans through INFCU will now have their loans serviced by Statebridge, a third-party loan servicer not affiliated with Elements Financial. Impacted members will receive a welcome letter from them soon. See loans payment address below in Payments section.
To inquire about your loan with INFCU, contact:
Statebridge Company, LLC
(866) 466-3360, extension 6357 or email@example.com
Statebridge Customer Service
(866) HOME360/(866) 466-3360
Monday to Thursday 7:00am to 7:00pm
Friday 7:00am to 6:00pm
Saturday 8:00am to 12:00pm Mountain Time.
To inquire about CERTIFICATES/SAVINGS/CHECKING accounts IF they do NOT transition to Elements:
Indianapolis’ Newspaper Federal Credit Union
c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
You may make claims for share insurance to NCUA as Liquidating Agent through September 30, 2022, at their address above. Failure to make claims before that date will act as a bar to such claims. For further information regarding NCUA share insurance coverage, visit https://www.mycreditunion.gov/share-insurance
More About Elements Financial
Elements Financial is a diversified federal credit union with assets of more than $2.0 billion and 100,000+ members in all 50 states and 50 foreign countries. As a financial wellness provider, Elements serves individuals through our original sponsor Eli Lilly and Company and more than 150 companies across Indiana and nationally. Beyond our Elements branches in Central Indiana, we provide access to more than 5,000 shared branch locations nationally and 78,000 surcharge-free ATMs globally. Elements Wealth Management is a full-service investment management and financial planning firm with $900 million in assets under management. Elements is known for higher deposit rates, lower loan rates, and fewer fees. Join us at elements.org to learn more. Federally Insured by the NCUA