The National Credit Union Administration (NCUA) has liquidated First African Baptist Church Federal Credit Union of Sharon Hill, Pa., making it the eleventh federally insured credit union to be liquidated this year.
Immediately upon liquidation, Philadelphia-based American Heritage FCU assumed all First African Baptist members and deposits.
NCUA explained that it made the decision to liquidate First African Baptist Church FCU after determining the credit union was "insolvent with no prospect of restoring viable operations."
First African Baptist Church FCU had assets of $76,188 and served 261 members. Chartered in 1978, it served members and employees of the First African Baptist Church in Darby Township, Pa.
American Heritage FCU has assets of more than $1.7 billion, while serving more than 150,000 members. American Heritage FCU operates more than 30 branch offices, and the branch nearest to First African Baptist FCU is located at 2101 Market Street, Philadelphia.
NCUA assured that the new American Heritage FCU members would experience no interruption in normal services and that member deposits remain protected by the National Credit Union Share Insurance Fund.
