JACKSON, N.J.–NCUA has placed Empire Financial FCU here into conservatorship. The $3.04-million Empire Financial has approximately 343 members.
NCUA cited “unsafe and unsound practices” at the credit union. The agency said in announcing the move that member services will continue “uninterrupted by appointment” at the credit union’s new location at 22 Cortlandt Street in New York. While NCUA did not state it in its statement of conservatorship, that address is the office of the $4.1-billion Municipal Credit Union, which NCUA placed into conservatorship in May of 2019.
While NCUA said members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship, the new office is approximately 77 miles away from Empire Financial FCU’s former offices.
Empire Financial reported $52,349 in net income on its March 31 call report, with net worth of 12.33%.
Empire Financial Federal Credit Union serves multiple faith, occupational, and associational groups, and communities primarily located in New York associational groups, and communities primarily located in New York, New York, and New Jersey.