Monday, March 26, 2012

NCUA Closes Shepherd's FCU

The National Credit Union Administration (NCUA) decided to liquidate Shepherd’s Federal Credit Union of Charlotte, N.C. after determining the credit union was insolvent and had no prospect for restoring viable operations.

Shepherd’s Federal Credit Union served 1,397 members and had deposits of approximately $379,000. Chartered in 2010, Shepherd’s Federal Credit Union served members and employees of Unity, the Way of Holiness Christian Church in Charlotte and Clarkton, N.C.

Shepherd’s Federal Credit Union is the fourth federally insured credit union liquidation in 2012.

Read the press release.
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2 comments:

  1. AnonymousMarch 28, 2012 at 7:47 AM

    Did this cu receive supplemental capital. Of the CDC cu' s that got supplemental capital how many failed and generally what was the cause of failure.
    Let's see an accounting of this.

    ReplyDelete
  2. Keith LeggettMarch 28, 2012 at 8:19 AM

    The credit union did not receive any supplemental capital. However, the undivided earnings of the credit union went from $227,039 at the end of September 2011 to a negative $163,289 at the end of 2011.

    ReplyDelete

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