ALEXANDRIA, Va. -Freedom Credit Union has acquired the members, deposits and some of the assets of Mayfair FCU in the wake of the failure of the $14.36 million institution, according to NCUA.
The regulator placed
At the time of the conservatorship, the low-income designated credit union still had a net worth ratio of 13.69%, but had posted losses of $87,447 in the third quarter of 2013, following previous losses of $73,415 in Q2 2013, $34,931 in Q1 2013 and $52,913 at the end of 2012.
Freedom CU is a federally insured, state-chartered institution based in Warminster, Pa., serving more than 60,000 members and holding nearly $623 million in assets, according to its most recent call report.
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.
