SHARON HILL, Penn.—NCUA Tuesday liquidated the tiny First African Baptist Church Federal Credit Union here.
The $1.7 billion-American Heritage Federal Credit Union of Philadelphia immediately assumed First African Baptist’s members and deposits, NCUA reported.
NCUA said it made the decision to liquidate the $76,188 First African Baptist Church Federal Credit Union after determining the credit union was insolvent with no prospect of restoring viable operations.
First African Baptist served 261 members, according to its most recent Call Report. Chartered in 1978, the CU served members and employees of the First African Baptist Church in Darby Township, Penn.
FABCFCU is the eleventh federally insured credit union liquidation of 2016.