First African Baptist Church Federal Credit Union Closes

American Heritage Federal Credit Union Assumes Members, Shares and Deposits

 

Nov. 29, 2016 - The National Credit Union Administration today liquidated First African Baptist Church Federal Credit Union of Sharon Hill, PA.

 

American Heritage Federal Credit Union of Philadelphia, PA immediately assumed First African Baptistís members and deposits.

 

The new American Heritage members should experience no interruption in normal services. Member deposits remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a memberís interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

 

American Heritage Federal Credit Union is a federally chartered credit union with assets of more than $1.7 billion serving more than 150,000 members, according to its most recent Call Report. American Heritage operates more than 30 branch offices, and the branch nearest to First African Baptist is located at 2101 Market Street, Philadelphia. Members with questions about their accounts should contact American Heritage at 215.969.0777 or toll-free at 800.342.0008 between 8 a.m. and 8 p.m. Monday through Friday.

 

Members may also visit the Share Insurance Section of NCUAís MyCreditUnion.gov website at any time for more information about their insurance coverage.

 

NCUA made the decision to liquidate First African Baptist Church Federal Credit Union after determining the credit union was insolvent with no prospect of restoring viable operations.

 

At the time of its liquidation and subsequent purchase and assumption by American Heritage Federal Credit Union, First African Baptist Church Federal Credit Union had assets of $76,188 and served 261 members, according to its most recent Call Report. Chartered in 1978, First African Baptist served members and employees of the First African Baptist Church in Darby Township, Pennsylvania.

 

First African Baptist Church Federal Credit Union is the eleventh federally insured credit union liquidation of 2016.

 

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