NCUA Liquidates New Credit Union in Charlotte
The NCUA on Monday liquidated the 18-month-old, $379,000 Shepherd’s Federal Credit Union in Charlotte, N.C., its fourth liquidation of federally insured credit unions so far this year.
The credit union was chartered in 2010 and served members and employees of Unity, the Way of Holiness Christian Church in Charlotte and Clarkton, N.C.
The credit union was the first chartered in North Carolina in 10 years when it was formed with the help of the N.C. Credit Union League after a four-year organization effort. It was sponsored by the nonprofit Neighorhood Church Coalition to serve a low-income membership.
“NCUA made the decision to liquidate Shepherd’s Federal Credit Union and discontinue the credit union’s operations after determining the credit union was insolvent and had no prospect for restoring viable operations,” the agency’s statement said
It was the second liquidation by the NCUA in as many business days.