NEW CASTLE — Federal regulators have closed a credit union that served Lawrence County school employees amid losses and a Department of the Treasury investigation.

The National Credit Union Administration says First Choice Federal Credit Union has purchased the Lawrence County School Employees Federal Credit Union, which closed Friday.

Marilyn Wehr, First Choice's chief executive, says no Lawrence County customers will lose money. Their accounts were each insured up to $250,000 by the National Credit Union Share Insurance Fund.

The school credit union had about 1,900 members last year but that dwindled to about 1,100 recently as the credit union's $3.9 million loss was reported late last year. The credit union's cash assets, alone, dropped from $2.6 million to $151,000 from September to December.

Nobody has been charged criminally in the losses.