Tuesday, March 27, 2012

Charlotte-based credit union liquidated

Charlotte-based Shepherd’s Federal Credit Union was liquidated Monday after the National Credit Union Administration determined it was insolvent, the federal regulator announced Monday.

The credit union was chartered in 2010 to serve members and employees of Unity, the Way of Holiness Christian Church in Charlotte and Clarkton. It had deposits of about $379,000 and served about 1,400 members.

Deposits are insured up to $250,000. The NCUA will issue checks to members with their deposits within one week.

Members of Shepherd's can call the regulator's Consumer Assistance Center hotline at 800-755-1030 with questions.

It's the fourth credit union liquidation so far this year.


John said...

A credit union created for another splinter church fails. Not surprising and look for indictments to follow soon.