The Michigan Office of Financial and Insurance Regulation Tuesdayliquidated the $168,865 Amez United Credit Union of Detroit andappointed the NCUA as liquidating agent.
|OFIR made the decision to liquidate the 158-member Amez Unitedand discontinue operations after determining the credit union wasinsolvent and had no prospect for restoring viable operations. Itis the second federally insured credit union liquidation in 2013.
|Amez reported a net profit of $1,153 for 2012 and also turned aprofit last year. The credit union had nearly 16% net worth as of2012 year-end, and it's a good thing, because it also reportednearly 16% delinquent loans during that period.
|Loan quality was an issue, with delinquencies as high as 35.42%as of fourth quarter 2011 and charge offs running 25.80% in firstquarter 2012. However, Amez had credited back previous charge offsduring the third and fourth quarter 2012.
|Originally chartered in 1961, Amez United Credit Union servedregistered members of the churches in the Detroit district of theMichigan Conference of the African Methodist Episcopal ZionChurch.
|Members' deposits are federally insured by the NCUSIF, and theNCUA said its Asset Management and Assistance Center will issuechecks to individuals holding verified share accounts in the creditunion within one week.
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