ALEXANDRIA, Va.—NCUA has liquidated the Greater Abyssinia Federal Credit Union of Cleveland, Ohio.
This is the ninth federally insured credit union liquidation of 2015.
NCUA explained that it made the decision to liquidate Greater Abyssinia FCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
According to NCUA data, the credit union has just under $413,000 in assets and 425 members. Chartered in 1959, Greater Abyssinia FCU served members of the Greater Abyssinia Baptist Church and their immediate family members. The church has a largely African-American congregation and played a prominent role in the civil rights movement.
The agency added that member deposits are federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA itself and which insures individual accounts up to $250,000, while a member's interest in all joint accounts combined is insured up to $250,000.
