ALEXANDRIA, Va. — NCUA liquidated $8.3 million Marian Miami Church Federal Credit Union in Arizona on Dec. 19, due to insolvency.
NCUA Director of Public and Congressional Affairs John McKechnie confirmed local news reports of the shut down; he added that an announcement was circulated to the local papers.
The Arizona Silver Belt reported that the credit union had approximately 1,600 members within the Holy Angles parish in Globe and Cobre Valley Community Hospital in Claypool.
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Member accounts were insured and checks were to go out within a week.
One member told The Arizona Republic that NCUA had taken her savings to pay off a loan, sending her a check for the difference. Patricia Ballesteros, 45, said she had threatened legal action. McKechnie did not discuss this specific instance, but said that was the agency's standard procedure.
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