Effective last Friday, one of NCUA’s smallest conserved credit unions, the $1.2 million Birmingham Financial FCU, has been formally acquired by the $113 million eCO Credit Union of Birmingham.
The purchase/assumption deal follows an NCUA bidding procedure stemming from the NCUA’s conservatorship of Birmingham Financial in October.
“We got word Friday that we were the successful bidder,” said Melissa Reeves, marketing manager of eCO, whose full name isECOEducators and Community CU. Under the NCUA P/A procedure, Birmingham Financial is being liquidated.
The formal agency bidding had apparently begun at least a week ago, Reeves said.
Birmingham Financial has 350 members and was chartered in 1956 to serve employees of the Birmingham Housing Authority and Birmingham Health Care.