The National Credit Union Administration seized the tiny Free Choice Federal Credit Union in Philadelphia on Friday, bringing the number of credit union failures this year to 12.
At midyear Free Choice had assets of about $326,000 and 400 members. Its net worth was negative.
The NCUA sold the remnants of the failed credit union to the $1.2 billion-asset Trumark Financial Credit Union in Trevose, Pa.
The dozen failures among consumer credit unions nationwide this year resulted in five liquidations and seven assisted mergers. The two corporate credit unions placed in conservatorship are not included in the total.
