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Florida Conference AME Church FCU Closed "Credit News 24"

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, 2017, 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 2017 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 2017. The credit union had a low-income designation.

This is the first credit union to be liquidated in 2018.

Read the press release.

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


Title : Florida Conference AME Church FCU Closed "Credit News 24"
link : Florida Conference AME Church FCU Closed "Credit News 24"