ALEXANDRIA, Va. -- The NCUA announced the 10th federally insured credit union closure in 2008 yesterday by placing Interfaith Federal Credit Union in East Orange, N.J., into liquidation.
The credit union had 370 members and assets of approximately $388,000. It was chartered in 1982 to serve members of the New Hope Baptist Church.
The NCUA made the decision to liquidate after determining that the credit union was insolvent and had no prospects of restoring viable operations. Checks will be issued to individuals holding verified share accounts at the credit union within one week.