Monday, December 19, 2011

NCUA Closes Birmingham Financial FCU

The National Credit Union Administration (NCUA) liquidated Birmingham Financial Federal Credit Union (BFFCU) of Birmingham, Alabama. ēCO Credit Union of Birmingham, Alabama immediately assumed BFFCU’s members, assets, loans and debt.

Birmingham Financial was a low-income designated credit union with approximately $1.2 million in deposits. NCUA placed the credit union into conservatorship on October 27 of this year.

NCUA made the determination that the credit union was insolvent without any prospect for restoring viable operations on its own.

BFFCU is the 15th federally insured credit union liquidated in 2011.

Read the press release.
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