Member Deposits Remain Insured up to $250,000
ALEXANDRIA, Va. (May 16, 2013) – The National Credit Union Administration (NCUA) today assumed control of First Kingdom Community Federal Credit Union of Selma, Ala.
During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness. Deposits at First Kingdom Community Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at First Kingdom Community Federal Credit Union up to $250,000. The Share Insurance Fund, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
Chartered in 2007, First Kingdom Community Federal Credit Union serves 76 members and has assets of approximately $88,400, according to its most recent Call Report.
First Kingdom Community Federal Credit Union is a community charter credit union serving persons who live, work, worship, or attend school in, Dallas County, Ala.; businesses and other legal entities located in the county; spouses of persons who died while within First Kingdom’s field of membership; employees of the credit union; volunteers in the community; members’ immediate family or household; and organizations of such persons.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the Share Insurance Fund. First Kingdom Community Federal Credit Union is the second federally insured credit union placed into conservatorship during 2013.
Members who have questions about the conservatorship may review the First Kingdom Community Federal Credit Union Frequently Asked Questions document attached to this release and found online here.
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
99 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.