The NCUA on Friday liquidated the $4.1 million American Bakery Workers Federal Credit Union of Philadelphia. The NCUA made the decision to liquidate American Bakery Workers and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations.
TruMark Financial Credit Union of Trevose, Pa., immediately assumed American Bakery Workers' 1,457 members, deposits and a majority of the loan portfolio. The $1.6 billion TruMark Financial has more than 107,000 members according to its most recent call report.
The NCUA's Asset Management and Assistance Center will take charge of American Bakery Workers loans not assumed by TruMark and will issue correspondence to individuals who have those loans in the near future.
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