New Jersey’s St. James A.M.E. FCU Is Year’s Tenth CU Failure

Register now

NEWARK, N.J. – NCUA this afternoon liquidated tiny St. James A.M.E. FCU and assigned the remnants of the failed $1 million credit union to North Jersey FCU, a $195 million credit union in nearby Totowa.

NCUA made the decision to liquidate St. James A.M.E. and discontinue its operations as they were after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by North Jersey FCU, the credit union served 831 members and had deposits of approximately $1 million.

The credit union was chartered in 1946 to serve St. James African Methodist Episcopal Church in Newark. Their membership expanded to include members of the Greater Mt. Teman A.M.E. Church in Elizabeth, N.J., in 1994.

The credit union failure is the year’s tenth.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER