ALEXANDRIA, Va.-NCUA recently decided to close KO-AM Federal Credit Union of Oakland, Calif. due to insolvency. Depositor funds are insured to $100,000 per account, NCUA reminded members, and the agency's Asset Management and Assistance Center was expected to issue checks for share deposits to the credit unions' approximately 1,200 members last week. NCUA shut down KO-AM Federal Credit Union upon determining that the credit union was insolvent and had no prospects of restoring viable operations. The credit union held $13.5 million in assets at the time of liquidation. KO-AM Federal Credit Union was chartered in 1993 to serve members of several Korean-Catholic churches in Oakland, Union City, San Francisco, and San Jose, California.
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