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

Father Burke Federal Credit Union Closes 

May 12, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) placed Father Burke Federal Credit Union of Bronx, New York, into liquidation May 12, 2008.

NCUA’s Asset Management and Assistance Center will issue checks to members holding verified share accounts in the Father Burke Federal Credit Union within one week. Through NCUA’s National Credit Union Share Insurance Fund, credit union member deposits are insured up to at least $100,000 per account.

NCUA made the decision to liquidate Father Burke Federal Credit Union and discontinue its operations after determining the credit union is insolvent and has no prospects for restoring viable operations. At the time of liquidation, the credit union served 504 members and had assets of approximately $1.2 million. 

NCUA chartered Father Burke Federal Credit Union in 1971 to serve members of the Blessed Sacrament Catholic Church located in Bronx, New York. 

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 87 million members in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.

-NCUA-