Gulf Winds FCU Takes On Members, Deposits as FCAMEC Closes
Gulf Winds Federal Credit Union, of Pensacola, Fla., has assumed the members and deposits of the former Florida Conference AME Church Federal Credit Union of Tallahassee, the National Credit Union Administration announced Friday.
Gulf Winds is a federal credit union with 59,012 members and assets of $626,966,201, according to its most recent Call Report.
Gulf Winds is working to reopen FCAMEC’s sole branch either Friday or Monday, March 20, according to Kurt Stenerson, vice president of marketing for Gulf Winds.
FCAMEC’s net worth was 2.75% at the end of 2016 and 3.76% in 2015, according to NCUA financial performance reports. In addition, the credit union’s total loans dropped from $1.1 million in 2012 to $860,733 in 2016. Likewise, FCAMEC’s loan income fell from $110,436 in 2012 to $71,571 in 2016, according to NCUA financial performance reports.
The small credit union also posted a net income loss of $104,541 in December 2015 and $9,601 in December 2016.
The new Gulf Winds members should experience no interruption in normal services, and their deposits continue to be federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.
NCUA liquidated Florida Conference AME Church Federal Credit Union and discontinued its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Chartered in 1976, Florida Conference AME Church Federal Credit Union served members, employees, annuitants, pensioned, organizations of, churches, and the families of the Florida Conference of African Methodist Episcopal Church in Tallahassee and towns located in Gadsden, Leon, Madison, Jefferson, Taylor, Wakulla, Escambia, Santa Rosa, Okaloosa, Walton, Holmes, Washington, Bay, Jackson, Calhoun, Gulf, Liberty, and Franklin Counties in Florida.
Florida Conference AME Church Federal Credit Union was the first federally insured credit union liquidation in 2017.