DETROIT – The Michigan Office of Financial and Insurance Regulation yesterday shut down and liquidated Amez United CU, a credit union with just $169,000 in assets and serving 158 members churches in the Detroit district of the Michigan Conference of the African Methodist Episcopal Zion Church.

The tiny credit union is the second failure so far in 2013.

NCUA, which insured deposits at the tiny credit union, will issue checks to individuals holding verified share accounts in the credit union within one week.

The state regulator made the decision to liquidate the 52-year-old Amez United and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.


 

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