The National Credit Union Administration (NCUA) liquidated Shiloh of Alexandria Federal Credit Union of Alexandria, Va.
NCUA made the decision to liquidate Shiloh of Alexandria Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
The credit union's call report for December 2012 indicated that the credit union was well-capitalized with a net worth ratio of 16.52 percent and profitable. It also reported holding $1.5 million in nonmember deposits.
Shiloh of Alexandria Federal Credit Union served 624 members and had assets of approximately $2.4 million, according to the credit union’s most recent Call Report. Chartered in 1993, Shiloh of Alexandria Federal Credit Union served the members and employees of Shiloh Baptist Church, their immediate family members, and an underserved area within the City of Alexandria, Va.
This is the fifth credit union to be closed by NCUA this year.
Read the press release.
nothing big here, probably some kind of fraud that took them down. that's why we have an insurance fund.
ReplyDeleteIt had nothing to due with fraud at all, Mr. Anyonymous. Due to the death of the Officer Mgr/Treasurer there was no one left to actually run it. It was a very small credit union.
ReplyDeleteglad to hear that. curious why ncua said they were insolvent?
ReplyDeleteWhere does the capital go?
ReplyDeleteHope to members. Not corporate losses.
Not fraud? Then why weren't they merged into another credit union? Also, insolvent does not mean the death of the Office Mgr/Treasurer.
ReplyDeleteThis was a great credit union. They helped a lot of deserving people. I was an investor and was proud of what they used my money for.
ReplyDelete