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The NCUA last week liquidated Melrose Credit Union (Briarwood, N.Y.) and moved its shares, members and some loans to Teachers Federal Credit Union (Hauppauge, N.Y.).

Teachers Federal Credit Union serves 300,541 members and has assets of nearly $6.1 billion, according to its most recent call report. New members should not experience any interruption in services, and accounts at the credit union are protected by the National Credit Union Share Insurance Fund.

The NCUA made the decision to liquidate Melrose after determining the credit union was insolvent and would not be able to resume viable operations. Melrose was taken into possession by the New York State Department of Financial Services in February 2017, and the NCUA was appointed conservator. The New York agency said it acted due to unsafe and unsound practices at Melrose, which was a taxi medallion lender.

Chartered in 1922, Melrose served 19,864 members and had assets of roughly $1.1 billion, according to its most recent call report.

Melrose is the fifth federally insured credit union to be liquidated this year.