ALEXANDRIA, Va. (4/1/14)--The National Credit Union Administration Monday liquidated Mayfair FCU of Philadelphia. Freedom CU, of Warminster, Pa., immediately assumed Mayfair's members and deposits as well as a portion of the loan portfolio and other assets.
Mayfair was placed into conservatorship in 2013 to protect its financial stability and operations. However, the NCUA made this subsequent decision to liquidate and discontinue operations after determining Mayfair was insolvent with no prospect for restoring viable operations.
The new Freedom CU members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.
Freedom is a state-chartered credit union serving more than 60,000 members and holding nearly $623 million in assets, according to its most recent Call Report. At the time of its liquidation, Mayfair served 1,519 members and had assets of $14.3 million, according its most recent Call Report data. Chartered in 1936, Mayfair served a low-income community in Philadelphia.
Mayfair FCU is the fourth federally insured credit union liquidation in 2014.