NCUA Loses Faith In Two Low-IncomeCUs

April 05, 2006, 1:00 a.m. EDT 1 Min Read

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ALEXANDRIA, Va. - (04/05/06) -- NCUA said Tuesday it shuttered St.John Baptist FCU, a tiny faith-based credit union servingparishioners at St. John Baptist Church in Scotch Plains, N.J. Itwas the second faith-based credit union shut down by NCUA over thepast few days, following Friday's liquidation of St. CharlesBorromeo Church FCU, in New York City. The assets of 47-year-oldSt. John Baptist FCU, just $68,000, and about 180 member accounts,were transferred to United Financial Services FCU, in ScotchPlains.

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