ALEXANDRIA, Va. (12/2/15)--The National Credit Union Administration (NCUA) liquidated Greater Abyssinia FCU Tuesday, making it the ninth federally insured credit union liquidation in 2015.
The Cleveland credit union had $412, 775 in assets and served 425 members. The NCUA closed Greater Abyssinia after determining the credit union was insolvent and had no prospect for restoring viable operations.
The credit union been operating since 1959 to serve members of the Greater Abyssinia Baptist Church and their immediate family members.
Member deposits are federally insured by the National Credit Union Share Insurance Fund. The NCUA said its Asset Management and Assistance Center will contact members holding verified share accounts in the credit union.
Members with additional questions about their insurance coverage may contact the center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m. (ET). Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.