ALEXANDRIA, Va.—NCUA today liquidated the tiny Greater Abyssinia FCU, located in Cleveland.
NCUA made the decision to liquidate the $412,775 GAFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
The CU lost money each of the last five years, dropping $34,201 in 2011, $583 in 2012, $7,755 in 2013, $33,826 the following year, and $19,767 through Septmber of 2015.
NCUA stated that its Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union.
Chartered in 1959, the 425-member GAFCU served members of the Greater Abyssinia Baptist Church and their immediate family members.
GAFCU is the ninth federally insured credit union liquidation in 2015.