PHILADELPHIA NCUA on Friday liquidated American Bakery Workers FCU here the first federally insured credit union liquidation of 2015.
NCUA said it made the decision to liquidate American Bakery Workers and discontinue operations after determining the credit union “was insolvent with no prospect for restoring viable operations.”
At the time of liquidation American Bakery Workers FCU served 1,457 members and had assets of more than $4.1 million, according to the credit union’s most recent Call Report.
TruMark Financial CU, Trevose, Pa., immediately assumed American Bakery Workers’ members, deposits and a majority of the loan portfolio. TruMark currently serves more than 107,000 members and holds assets of nearly $1.6 billion, according to its most recent Call Report.
NCUA said its Asset Management and Assistance Center will take charge of American Bakery Workers loans not assumed by TruMark and will issue correspondence to individuals who have those loans “in the near future.”
Chartered in 1940, American Bakery Workers FCU served bakery workers of Locals 6 and 492 of the Bakery, Confectionery and Tobacco Workers International Union.