Saying that it is "insolvent and has no prospect for restoring viable operations," the NCUA on Friday liquidated the $1 million St. James AME Federal Credit Union in Newark, N.J.

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North Jersey FCU immediately purchased the assets of St. James AME FCU.

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North Jersey FCU, headquartered in Totowa, N.J., has assets of $194 million and more than 29,700 members. A.M.E. FCU had 831 members.

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