For Details, Contact:
External Affairs
email: pacamail@ncua.gov
Fax: (703) 518-6409

St. Charles Borromeo Church FCU Closes

Member funds are federally insured and checks will be issued within one week 

April 4, 2006, Alex., Va. -- The National Credit Union Administration (NCUA) today liquidated St. Charles Borromeo Church Federal Credit Union of New York, New York.

NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the St. Charles Borromeo Church Federal Credit Union within one week. Through NCUA’s National Credit Union Share Insurance Fund, credit union members’ funds are insured up to $100,000 per account.

NCUA made the decision to liquidate the credit union and discontinue its independent operations after determining that the credit union is insolvent and after management abandoned credit union operations. At the time of liquidation, the credit union had approximately 200 members and approximately $130,000 in assets. 

NCUA chartered St. Charles Borromeo Church Federal Credit Union in 1967 to serve members of St. Charles Borromeo Church in New York, New York

Members can direct questions concerning their accounts to the NCUA Asset Management and Assistance Center at 512-231-7900, fax 512-231-7920, 4807 Spicewood Springs Road, Suite 5100, Austin, Texas 79759-8490  

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.