Tuesday, November 29, 2016

First African Baptist FCU Closed, American Heritage FCU Assumes Members and Deposits

The National Credit Union Administration liquidated First African Baptist Church Federal Credit Union of Sharon Hill, Pennsylvania.

American Heritage Federal Credit Union of Philadelphia immediately assumed First African Baptist’s members and deposits.

NCUA made the decision to liquidate First African Baptist Church Federal Credit Union after determining the credit union was insolvent with no prospect of restoring viable operations.

This low-income designated credit union was seriously undercapitalized with a net worth ratio of 2.09 percent as of September 30.

At the time of its liquidation and subsequent purchase and assumption by American Heritage Federal Credit Union, First African Baptist Church Federal Credit Union had assets of $76,188 and served 261 members, according to its most recent Call Report.

First African Baptist Church Federal Credit Union is the eleventh federally insured credit union liquidation of 2016 and the seventh credit union in Pennsylvania to be liquidated this year..

Read the press release.



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