Friday, March 17, 2017

Florida Conference AME Church FCU Closed

The National Credit Union Administration (NCUA) liquidated Florida Conference AME Church (FCAMEC) Federal Credit Union of Tallahassee, Florida.

Gulf Winds Federal Credit Union, of Pensacola, Florida, has assumed the members and deposits of the former Florida Conference AME Church Federal Credit Union.

NCUA made the decision to liquidate the Florida Conference AME Church Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

As of December 31, 2016, the credit union was significantly undercapitalized with a net worth ratio of 2.75 percent. The credit union posted a small loss of $9,601 for 2016 after posting a loss of $104,541 for 2015.

Florida Conference AME Church Federal Credit Union served 560 members and had assets of $1,760,664 at the end of 2016. The credit union had a low-income designation.

This is the first credit union to be liquidated in 2017.

Read the press release.

Read the press release on Gulf Wind's assumption of deposits and members.

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