Charlotte Credit Union Liquidated After Less Than Two Years
The $379,000 Shepherd’s Federal Credit Union in Charlotte, N.C., has been liquidated by the NCUA, about 18 months after it opened its doors to serve a faith-based, low-income membership.
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 in North Carolina’s biggest city.
“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
The March 26 action was the second liquidation by the NCUA in as many business days and the fourth this year.