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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
