Monday, June 27, 2011 12:02:00 PM
NEWARK, N.J. - On Friday, June 24th, the NCUA liquidated St. James A.M.E. Federal Credit Union of Newark, N.J. North Jersey Federal Credit Union of nearby Totowa immediately assumed St. James A.M.E. FCU's members.
The new North Jersey FCU members will also experience no interruption in services, with accounts remaining federally insured by the National Credit Union Share Insurance Fund up to $250,000.
NCUA made the decision to liquidate St. James A.M.E. Federal Credit Union and discontinue its operations as they were after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by North Jersey FCU, the credit union served 831 members and had deposits of approximately $1 million.
Chartered in 1946, St. James A.M.E. FCU obtained federal insurance on Jan. 4, 1971. The field of membership was originally limited to members of the St. James African Methodist Episcopal Church in Newark. Their membership expanded to include members of the Greater Mt. Teman A.M.E. Church in Elizabeth, N.J., in 1994.