Deposits Remain Federally Insured up to $250,000; Member Service Continues Uninterrupted
ALEXANDRIA, Va. (April 8, 2011) -- The National Credit Union Administration (NCUA) today placed Mission San Francisco Federal Credit Union of San Francisco, California, into liquidation. Immediately thereafter, Self-Help Federal Credit Union of Durham, North Carolina, purchased and assumed Mission San Francisco’s assets, liabilities and members.
The new Self-Help Federal Credit Union members will experience no interruption in credit union service, and their accounts remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Self-Help Federal Credit Union is a full-service institution with $210 million in assets and 31,000 members.
NCUA assumed control of operations at Mission San Francisco Federal Credit Union on April 8, 2011, and immediately signed an agreement with Self-Help Federal Credit Union. The agreement allows for continued service to the former members of Mission San Francisco at a safe, sound credit union.
At closure, Mission San Francisco had approximately $6 million in assets and served 2,500 members. The former credit union was established in 1971 to serve members located in the Mission District in San Francisco, California. This is the sixth federally insured credit union liquidation in 2011.
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 United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.