Port Trust assets sold

CPM Federal Credit Union buys accounts and loans of seized thrift Tom Spain The Post and Courier The savings accounts and other assets of an insolvent Charleston credit union seized by regulators this week were sold Friday in an last-minute deal with another local lending institution. North Charleston-based CPM Federal Credit Union bought the accounts and loans of the tiny Port Trust Federal Credit Union for an undisclosed amount, the National Credit Union Administration said. "Its very positive news for the former members of Port Trust," NCUA spokesman John J. McKechnie III said. "It means they have no interruption in their credit union services." George Lockwood, president of CPM Federal, could not be reached for comment. McKechnie said the lender "was interested in trying to provide services to these members." The sale... [read full story]