Mountain Heritage Bank becomes First American Bank and Trust Company
On Friday, June 24, 2011, Mountain Heritage Bank, Clayton, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
All deposit accounts, excluding certain brokered deposits, have been transferred to First American Bank and Trust Company, Athens, GA ("assuming institution") and will be available immediately. The former Mountain Heritage Bank locations will reopen as branches of First American Bank and Trust Company during regular business hours.
- FDIC
O.U.R. Federal Credit Union Placed into Conservatorship
The National Credit Union Administration (NCUA) today assumed control of service and operations at O.U.R. Federal Credit Union of Eugene, Ore.
While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Deposits at O.U.R. Federal Credit Union remain protected. Administered by NCUA, the
National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at O.U.R. Federal Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
O.U.R. Federal Credit Union is a full service financial institution that includes the residents of Lane County, Ore., participating within the past 12 months in programs of the Lane County Department of Community Health and Social Service. With assets reported at $4.3 million in its last Call Report, service to O.U.R. Federal Credit Union’s 2,184 members will continue uninterrupted. Members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares
- NCUA
Borinquen Federal Credit Union Placed into Conservatorship
The National Credit Union Administration (NCUA) today assumed control of service and operations at Borinquen Federal Credit Union of
Philadelphia. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Deposits at Borinquen Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Borinquen Federal Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
With $7 million in assets according to its most recent Call Report, Borinquen Federal Credit Union is a full-service financial institution that has served a low-income community in Philadelphia for 37 years. Service to Borinquen Federal Credit Union’s 8,600 members will continue uninterrupted. Members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares.
The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the NCUSIF. Borinquen Federal Credit Union is the seventh federally insured credit union placed into conservatorship during 2011.
- NCUA
St. James A.M.E. Federal Credit Union Purchased by North Jersey FCU
The National Credit Union Administration (NCUA) liquidated St. James A.M.E. Federal Credit Union of Newark, N.J., today. North Jersey Federal Credit Union of Totowa, N.J., immediately assumed St. James A.M.E. Federal Credit Union’s members.
The accounts of the new North Jersey Federal Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new North Jersey Federal Credit Union members will also experience no interruption in services. North Jersey Federal Credit Union is a large, full-service institution with $194 million in assets and more than 29,700 members.
NCUA made the decision to liquidate St. James A.M.E. Federal Credit Union and discontinue its operations as they were after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by North Jersey FCU, the credit union served 831 members and had deposits of approximately $1 million.
Chartered in 1946, St. James A.M.E. Federal Credit Union obtained federal insurance on Jan. 4, 1971. The field of membership was originally limited to members of the St. James African Methodist Episcopal Church in Newark. Their membership expanded to include members of the Greater Mt. Teman A.M.E. Church in Elizabeth, N.J., in 1994.
St. James A.M.E. Federal Credit Union is the tenth federally insured credit union liquidation in 2011.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
- NCUA
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