Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Financial News

Tiny New York City Credit Union is Liquidated

Monday, May 17, 2010 - 1:40 PM
From the NCUA press release (pdf):
NCUA made the decision to close Convent Federal Credit Union and discontinue its operation after determining the credit union is insolvent and has no prospects for restoring viable operations. At the time of the liquidation, the $173,000 credit union, chartered in 1960, served 213 members of the Convent Avenue Baptist Church in New York City. This is the 8th federally insured credit union liquidation in 2010.
Unlike the FDIC, the NCUA doesn't wait for Fridays.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
Reply