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Second Baptist Church CU Closes

​Second Baptist Church Credit Union Members Now Served by Prosperity Federal Credit Union; Member Accounts are Safe and Federally Insured

ALEXANDRIA, Va. (October 29, 2009)The National Credit Union Administration (NCUA) was appointed liquidating agent of the Second Baptist Church Credit Union (Second Baptist) of Los Angeles by the California Department of Financial Institutions (DFI) on October 28, 2009.

Prosperity Federal Credit Union (Prosperity) of Rancho Domingue, California, formerly Shell Southwest Federal Credit Union, purchased and assumed Second Baptist loans and shares, which enables its 340 members to continue to receive uninterrupted credit union service. Established in 1955 to serve Second Baptist employees and members, the credit union was closed because it is insolvent. This is the 12th federally insured credit union liquidated in 2009. 
 
Prosperity Federal Credit Union has $14.4 million in assets and serves approximately 2,900 members. It is located at 2200 West Aratesia Blvd., Suite 206, Rancho Domingue, California. Member accounts are federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF).


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"