Tuesday, April 1, 2014

Mayfair FCU Closed, Deposits and Members Assumed by Freedom CU

The National Credit Union Administration (NCUA) liquidated Mayfair Federal Credit Union of Philadelphia. Freedom Credit Union of Warminster, Pa., immediately assumed Mayfair’s members and deposits as well as a portion of the loan portfolio and other assets.

NCUA placed Mayfair into conservatorship on November 1, 2013. NCUA made the subsequent decision to liquidate and discontinue operations after determining the Mayfair was insolvent with no prospect for restoring viable operations.

At the end of 2013, the credit union reported a delinquent loan ratio of 24.80 percent.

At the time of liquidation and subsequent purchase and assumption by Freedom Credit Union, Mayfair served 1,519 members and had assets of $14.3 million, according to the credit union’s most recent Call Report. Chartered in 1936, Mayfair served a low-income community in Philadelphia.

Mayfair Federal Credit Union is the fourth federally insured credit union liquidation in 2014. The last Pennsylvania credit union to fail was People for People CDCU in 2012.

Read the press release.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.