Friday, January 30, 2015

American Bakery Workers FCU Closed

The National Credit Union Administration liquidated American Bakery Workers Federal Credit Union of Philadelphia.

TruMark Financial Credit Union of Trevose, Pennsylvania, immediately assumed American Bakery Workers’ members, deposits and a majority of the loan portfolio.

NCUA made the decision to liquidate American Bakery Workers and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations.

At the time of liquidation and subsequent purchase and assumption by TruMark Financial Credit Union, American Bakery Workers Federal Credit Union served 1,457 members and had assets of $4.2 million, according to the credit union’s most recent Call Report.

At the end of 2014, the credit union reported a loss of almost $494 thousand. The credit union was critically undercapitalized at the end of 2014 with a net worth ratio of 0.31 percent. For all of 2014, the credit union's net charge off ratio was 19.6 percent.

American Bakery Workers Federal Credit Union is the first federally insured credit union liquidation in 2015.

Read the press release.

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