BRONX, N.Y. — NCUA yesterday said it placed tiny Father Burke FCU into liquidation, after the credit union reported a $27,123 loss for the first quarter and negative equity of $22,352.
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The liquidation of the $1.2 million credit union is the second by NCUA during the last week, joining St. Luke Baptist FCU, a Laurelton, N.Y., credit union with just $50,000 in assets.
NCUA made the decision to liquidate Father Burke Federal Credit Union and discontinue its operations after determining the credit union is insolvent and has no prospects for restoring viable operations.
