BIRMINGHAM, Ala. — The National Credit Union Administration announced this morning it liquidated Birmingham Financial FCU, a $1.3 million community development credit union it has run under conservatorship since October and assigned the remnants of the year's 15th credit union failure to $113 million eCO Credit Union of Birmingham.
Birmingham Financial has just 350 members and was chartered in 1956 to serve employees of the Birmingham Housing Authority and Birmingham Health Care.
The NCUA made the decision to liquidate the tiny CDCU and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own.
eCO CU serves five surrounding counties and has 13,600 members.
