NEW YORK -- Christ the Rock International, a 17-year-old, 400-member church in Brooklyn, filed for Chapter 11 bankruptcy Friday, the latest church borrower of California’s Evangelical Christian CU to file for bankruptcy.

Bishop Jonathan Owhe, the church's founder and chairman, said filing for bankruptcy was necessary to avoid a takeover by the church's main lender, the California credit union, one of the biggest church lenders in the country. The Chapter 11 filing will allow the tiny church to restructure its assets and perhaps avoid having to sell to the credit union, according to Bishop Owhe.

This is the third time the church has had to file for bankruptcy protection.

 

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.