ALEXANDRIA, Va. (2/2/15)--Philadelphia-based American Bakery Workers FCU, with $4.9 million in assets, has been liquidated by the National Credit Union Administration, the agency announced Friday.
TruMark Financial CU, Trevose, Pa., with $1.5 billion in assets, will assume American Bakery Workers' members' deposits and majority of its loan portfolio.
According to the NCUA, it made the decision to liquidate American Bakery Workers and discontinue operations after determining the credit union was insolvent with no prospect for restoring viable operations.
NCUA's Asset Management and Assistance Center will take charge of American Bakery Workers' loans not assumed by TruMark and will issue correspondence to individuals who have those loans in the near future.
Chartered in 1940, American Bakery Workers FCU served bakery workers of Locals 6 and 492 of the Bakery, Confectionery and Tobacco Workers International Union. At the time of liquidation, it served 1,457 members.
TruMark Financial CU is a federally insured, state-chartered credit union serving more than 107,000 members, according to the credit union's most recent call report.
American Bakery Workers FCU is the first federally insured credit union liquidation in 2015.