The six small Philadelphia credit unions that were closed by the NCUA Tuesday due to insolvency had a lot more in common than having the same president/CEO, Joni Brown.
In addition to posting poor financials over the last five years, even though two of the cooperatives were managing high-interest payday alternative loans, five of the credit unions shared the same street address in Bensalem Township, Pa.
That address, 1400 Adam Road, Unit A-1, is also the address of Service Center for Credit Unions Inc., which provided a variety of operational services for these credit unions and others. On its website, SCCU listed 23 credit unions it serves. However, 13 of those credit unions, including the six that were shuttered Tuesday, no longer exist.
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