Saying that it is "insolvent and has no prospect for restoring viable operations," the NCUA on Friday liquidated the $1 million St. James AME Federal Credit Union in Newark, N.J.
North Jersey FCU immediately purchased the assets of St. James AME FCU.
North Jersey FCU, headquartered in Totowa, N.J., has assets of $194 million and more than 29,700 members. A.M.E. FCU had 831 members.
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