© 2020 Arizent. All rights reserved.

Florida Conference AME Church FCU is 2017's first liquidation

After posting losses of $9,601 last year and $104,541 in the prior year, the Florida Conference AME Church Federal Credit Union of Tallahassee, Fla. Is no more.

The National Credit Union Administration said Friday that it has liquidated FCAMEC FCU, making it the first federally insured credit union to be closed this year.

The credit union had assets of $1,760,664 and served 560 members.

According to FCAMEC’s website, Gulf Winds Federal Credit Union, a $627 million institution based in Pensacola, Fla., immediately assumed FCAMEC’s members and deposits.

Chartered in 1976, FCAMEC served members, employees, annuitants and other entities affiliated with the Florida Conference of African Methodist Episcopal Church in Tallahassee and various other regions of Florida.

NCUA assured that member deposits are federally insured by the National Credit Union Share Insurance Fund, which insures individual accounts up to $250,000. Also, NCUA’s Asset Management and Assistance Center will issue correspondence in the “near future” to individuals holding verified share accounts in the credit union.

For reprint and licensing requests for this article, click here.