American Bakery Workers Federal Credit Union closes, TruMark Financial assumes shares
Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, VA (January 30, 2015) — The National Credit Union Administration today liquidated American Bakery Workers Federal Credit Union of Philadelphia.
TruMark Financial Credit Union of Trevose, Pennsylvania, immediately assumed American Bakery Workers’ members, deposits and a majority of the loan portfolio. TruMark Financial Credit Union is a federally insured, state-chartered credit union serving more than 107,000 members and holding assets of nearly $1.6 billion, according to the credit union’s most recent Call Report.
Accounts of the new TruMark Financial members remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s 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. Individuals may visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
The new TruMark Financial Credit Union members will experience no interruption in services. Members with questions about their accounts may contact TruMark Financial toll-free at 877-878-6275 Monday through Friday from 8 a.m. to 8 p.m., Saturday from 9 a.m. to 1 p.m., and Sunday from 11 a.m. to 3 p.m. All times are Eastern.
NCUA’s Asset Management and Assistance Center will take charge of American Bakery Workers loans not assumed by TruMark and will issue correspondence to individuals who have those loans in the near future. Members with further questions about their loans may call toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m., Eastern.
NCUA made the decision to liquidate American Bakery Workers and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations.
At the time of liquidation and subsequent purchase and assumption by TruMark Financial Credit Union, American Bakery Workers Federal Credit Union served 1,457 members and had assets of $4.2 million, according to the credit union’s most recent Call Report.
Chartered in 1940, American Bakery Workers Federal Credit Union served bakery workers of Locals 6 and 492 of the Bakery, Confectionery and Tobacco Workers International Union.
American Bakery Workers Federal Credit Union is the first federally insured credit union liquidation in 2015.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 98 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.