The NCUA on Monday liquidated the 18-month-old, $379,000Shepherd's Federal Credit Union in Charlotte, N.C., its fourthliquidation of federally insured credit unions so far thisyear.
|The credit union was chartered in 2010 and served members andemployees of Unity, the Way of Holiness Christian Church inCharlotte and Clarkton, N.C.
|The credit union was the first chartered in North Carolina in 10 years when it wasformed with the help of the N.C. Credit Union League after afour-year organization effort. It was sponsored by the nonprofitNeighorhood Church Coalition to serve a low-income membership.
|“NCUA made the decision to liquidate Shepherd's Federal CreditUnion and discontinue the credit union's operations afterdetermining the credit union was insolvent and had no prospect forrestoring viable operations,” the agency's statement said
|It was the second liquidation by the NCUA in as many business days.
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