Greater Abyssinia Federal Credit Union Closed

The National Credit Union Administration (NCUA) closed Greater Abyssinia Federal Credit Union of Cleveland, Ohio.

NCUA made the decision to liquidate Greater Abyssinia Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operation.

The credit union reported that 28.46 percent of its loans and 10.76 percent of its assets were 60 days or more past due. The credit union also reported a 2015 year-to-date loss of almost $20 thousand and a full year loss for 2014 of almost $34 thousand.

Greater Abyssinia Federal Credit Union served 425 members and had assets of $412,775, according to the credit union’s most recent Call Report.

Greater Abyssinia Federal Credit Union is the ninth federally insured credit union liquidation in 2015.

Read the press release.