A seventh credit union, the First African Baptist Church FederalCredit Union, which received services from the Service Center forCredit Unions Inc. in Bensalem Township, Pa., was closedTuesday.
The NCUA announced it liquidated the $76,188 First AfricanBaptist Church FCU in Sharon Hill, Pa. The $1.7 billion AmericanHeritage Federal Credit Union in Philadelphia immediately assumedFirst African Baptist's 261 members and their deposits.
The NCUA said it made the decision to liquidate First AfricanBaptist Church FCU after determining the credit union was insolventwith no prospect of restoring viable operations.
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