Father Burke FCU Declared Insolvent
WASHINGTON -- Father Burke Federal Credit Union, which had served members of a Bronx, N.Y. church since 1971, was declared insolvent and ordered closed by NCUA last week.
The 510-member FCU, which had one employee and served members of the Blessed Sacrament Church in the New York City borough, had $1.2 million in assets. According to its latest financial statement, filed with NCUA in March, it had $1.3 million in deposits but $1.4 million in liabilities.
The statement also indicated that the credit union had $1.9 million in deposits in March 2007.
NCUA, which insures deposits up to at least $100,000 per account through its National Credit Union Share Insurance Fund, will issue checks to members with verified share accounts.