Wednesday, December 28, 2016

Evangelical Christian CU Evicts Church over Almost $22 Million in Unpaid Debt

Evangelical Christian Credit Union (Brea, CA) evicted a Georgia megachurch from its 4,000 seat sanctuary before Christmas over nearly $22 million in debt.

The sanctuary of Higher Living Christian Church (McDonough, GA) will be sold in public auction to the highest bidder for cash on January 3, 2017.

The church building includes a multi-purpose sanctuary with removable seating. It could be modified to accommodate trade shows, graduation ceremonies, cultural events, art displays, or a fellowship hall. The facility also boasted eight classrooms, indoor children's play area, administrative offices, and choir rehearsal room.

Evangelical Christian Credit Union is currently under an enforcement order with the the California Department of Business Oversight.

Read the story.





Posted by at
Labels: , ,

3 comments:

  1. AnonymousDecember 28, 2016 at 11:16 AM

    Jesus Christ! Are you kidding me. The Christian Credit Union evicted the Church on Christmas? Have they no shame? Quick pass the collection plate. Remember: Jesus $AVES & Moses Invest$! PTL...Praise The Lord. PTL...Pass The Loot. Post eviction, can they convert the building into a Public Storage facility?

    ReplyDelete
  2. AnonymousDecember 29, 2016 at 11:46 AM

    Enforcement order from the CA DBO. Seriously? Shut the joint down. Assets are down from over $1B to less than $850M. Net Worth is smashed from a high of $91.7M to less than $63.7M. They got a Note Payable of $60M that kills the Net Worth. Year end 2014 they be -$18.9M in net income. Year end 2015 they be -$14.8M in net income. Tell Jesus to git off the cross we sure could use the wood. Maybe flip it into a multi-theatre movie complex.

    ReplyDelete
  3. AnonymousDecember 30, 2016 at 10:39 AM

    Enforcement Order. Hell what they need is a damn Restraining Order. How much collection plate revenue must they lose before the NCUA boys on Duke Street evict management, fire the board of directors, and hire new talent? Why is the NCUA waiting? Why is the DBO waiting? How great are thy losses, before the good Lord steps in with a moral compass to bring the credit union out of the RED and into the Light? The Good Lord giveth & taketh away, but will the NCUA?

    ReplyDelete

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.