Member Deposits Insured up to $250,000; Member Services Uninterrupted
(Feb. 17, 2012) – The National Credit Union Administration (NCUA), working cooperatively with the Wisconsin Office of Credit Unions, today assumed control of service and operations at A M Community Credit Union headquartered in Kenosha, Wis.
Deposits at A M Community Credit remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at A M Community 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.
A M Community Credit Union is a state-chartered, federally insured credit union that serves anyone who lives or works in Wisconsin’s Kenosha and Racine counties, as well as any employee of Chrysler Corporation. With assets reported at $125 million in the last Call Report, service to A M Community Credit Union’s 16,000 members will continue uninterrupted.
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. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous operational weaknesses. During conservatorship, members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares—at the credit union.
A M Community Credit Union is the second federally insured credit union placed into conservatorship during 2012.