Saturday, June 1, 2013

NCUA Closes Two Credit Unions

The National Credit Union Administration (NCUA) liquidated NCP Community Development Federal Credit Union (NCP) of Norfolk, Va. and First Kingdom Community Credit Union of Selma, Ala.

Chartway Federal Credit Union of Virginia Beach, Va. assumed NCPs member shares. NCUA placed NCP into conservatorship on Feb. 8, 2013. NCUA made the subsequent decision to liquidate NCP and discontinue operations after determining the credit union was insolvent with a net worth ratio of negative 1.02 percent and had no prospect for restoring viable operations.

Riverdale Credit Union of Selma immediately assumed First Kingdom Community Federal Credit Union’s members’ shares. NCUA placed First Kingdom Community Federal Credit Union into conservatorship on May 16, 2013 and made the decision to liquidate First Kingdom and discontinue its operations after determining this was the best course of action.

NCP Community Development and First Kingdom Community FCUs were the eighth and ninth credit union to be liquidated in 2013.

Read NCP Community Development FCU press release.

Read First Kingdom Community FCU press release.
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