Mt. Hebron Baptist Federal Credit Union
Placed Into Conservatorship
Alexandria, VA, August 1, 2006 -- The National Credit Union Administration (NCUA) has assumed control of the operations at Mt. Hebron Baptist Federal Credit Union of Philadelphia, Pennsylvania, with the goal of continuing credit union service to its members and ensuring a safe, sound credit union operation.
Member deposits are safe. Their share accounts are insured up to $100,000 and retirement accounts up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. Government.
Service will continue uninterrupted at Mt. Hebron Baptist Federal Credit Union. The members are free to make deposits and access their funds. The decision to conserve a credit union enables the institution to continue normal operations with expert management in place.
Chartered in 1970, the credit union serves the members of Mt. Hebron Baptist Church in Philadelphia. It has assets of $30,906 and serves approximately 104 members.
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 and protect members’ interests. Regional Director Edward P. Dupcak executed the conservatorship order on behalf of the NCUA Board.
NCUA is the independent federal agency that charters and supervises federal credit unions. With the backing of the full faith and credit of the U.S. government, NCUA operates the National Credit Union Share Insurance Fund, insuring the deposits of 85 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions and receives no federal tax dollars.
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