Tuesday, April 1, 2014

Mayfair FCU Closed, Deposits and Members Assumed by Freedom CU

The National Credit Union Administration (NCUA) liquidated Mayfair Federal Credit Union of Philadelphia. Freedom Credit Union of Warminster, Pa., immediately assumed Mayfair’s members and deposits as well as a portion of the loan portfolio and other assets.

NCUA placed Mayfair into conservatorship on November 1, 2013. NCUA made the subsequent decision to liquidate and discontinue operations after determining the Mayfair was insolvent with no prospect for restoring viable operations.

At the end of 2013, the credit union reported a delinquent loan ratio of 24.80 percent.

At the time of liquidation and subsequent purchase and assumption by Freedom Credit Union, Mayfair served 1,519 members and had assets of $14.3 million, according to the credit union’s most recent Call Report. Chartered in 1936, Mayfair served a low-income community in Philadelphia.

Mayfair Federal Credit Union is the fourth federally insured credit union liquidation in 2014. The last Pennsylvania credit union to fail was People for People CDCU in 2012.

Read the press release.

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