Member Deposits Protected up to $250,000; Consumer Service Hotline Open
ALEXANDRIA, Va. (Feb. 19, 2013)
– The Michigan Office of Financial and Insurance Regulation (OFIR) today liquidated Amez United Credit Union of Detroit, Mich., and appointed the National Credit Union Administration (NCUA) as liquidating agent.
Amez United Credit Union members’ deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.
Members with questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at (800) 755-1030. The Center answers calls Monday through Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov
website at any time for more information about their insurance coverage.
OFIR made the decision to liquidate Amez United Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Originally chartered in 1961, Amez United Credit Union served registered members of the churches in the Detroit district of the Michigan Conference of the African Methodist Episcopal Zion Church. Amez United Credit Union had 158 members and assets of approximately $168,865, according to its most recent Call Report.
Amez United Credit Union is the second federally insured credit union liquidation in 2013.
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 more than 101
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.