ALEXANDRIA, Va.-NCUA recently decided to close KO-AM Federal Credit Union of Oakland, Calif. due to insolvency. Depositor funds are insured to $100,000 per account, NCUA reminded members, and the agency's Asset Management and Assistance Center was expected to issue checks for share deposits to the credit unions' approximately 1,200 members last week. NCUA shut down KO-AM Federal Credit Union upon determining that the credit union was insolvent and had no prospects of restoring viable operations. The credit union held $13.5 million in assets at the time of liquidation. KO-AM Federal Credit Union was chartered in 1993 to serve members of several Korean-Catholic churches in Oakland, Union City, San Francisco, and San Jose, California.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.