The $5.9 billion American Airlines Federal Credit Union of Fort Worth, Texas, is reassuring its members about its safety and soundness after Tuesday’s Chapter 11 bankruptcy filing by its parent sponsor, AMR Corp.
In an alert posted on its website under the headline “A Word by Angie Owens, the President & CEO” the 230,000-member AACU “is a fully independent financial institution” regulated by NCUA, and while the CU shares the same name with the carrier “our financial statements and decision-making capacity remain independent.”
The statement added that AACU retains a diversified membership and that a significant portion is “from other sectors of the transportation industry.”
In fact, Owens wrote, “less than a third of our members are active AMR employees.” AMR owns and operates American Airlines.
The Texas credit union remains healthy, well capitalized “and we continue to grow,” Owens said. The NCUA “regularly examines us to confirm that we are operating in compliance” with all federal regulations, she added.
AACU will continue to offer loans, provide funds on demand to members and perform routine ATM and debit card transactions, the website statement said.
In addition, “we stand ready to assist our members with their individual financial situations,” wrote Owens.