Greater Abyssinia Federal Credit Union closes
Member deposits protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, VA (December 3, 2015) — The National Credit Union Administration today liquidated Greater Abyssinia Federal Credit Union of Cleveland, Ohio.
NCUA made the decision to liquidate Greater Abyssinia Federal Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Member deposits are federally 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.
NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.
Greater Abyssinia Federal Credit Union served 425 members and had assets of $412,775, according to the credit union’s most recent Call Report. Chartered in 1959, Greater Abyssinia Federal Credit Union served members of the Greater Abyssinia Baptist Church and their immediate family members.
Greater Abyssinia Federal Credit Union is the ninth federally insured credit union liquidation in 2015.
About National Credit Union Administration (NCUA)
The 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, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.