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External Affairs
email: pacamail@ncua.gov
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St. John Baptist FCU Closes

United Financial Services Federal Credit Union
to serve St. John Baptist Credit Union Members

March 31, 2006, Alexandria, Va. – The National Credit Union Administration (NCUA) yesterday liquidated St. John Baptist Federal Credit Union, Scotch Plains, New Jersey, and transferred its 180 members’ accounts to United Financial Services Federal Credit Union in Scotch Plains. 

Chartered in 1959, St. John Baptist Federal Credit Union had $68,000 in assets when it was closed March 30 because the credit union was insolvent.

Working to provide continued credit union services to the members, NCUA reached agreement with United Financial Services Federal Credit Union to assume St. John Baptist Federal Credit Union’s share and loan accounts. St. John Baptist Federal Credit Union’s member accounts have been transferred and members may begin conducting business at any United Financial Services Federal Credit Union Branch on Friday, March 31.

Member accounts are fully insured up to $100,000 under coverage provided by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. government.

United Financial Services Federal Credit Union is a community chartered credit union with assets of $21 million and serves approximately 3,000 members. Their main office is located at 320 Park Avenue in Scotch Plains, New Jersey.  The telephone number to obtain information about specific accounts is 908-322-2600

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of nearly 85 million account holders in all federal credit unions and many state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.