Member Deposits Remain Protected to $250,000, Member Services Uninterrupted
ALEXANDRIA, Va. (Aug. 17, 2018) – Ukrainian Future Credit Union, of Warren, Michigan, has merged into Selfreliance Ukrainian American Federal Credit Union, of Chicago, Illinois, effective today, the National Credit Union Administration announced.
The new Selfreliance Ukrainian American Federal Credit Union members should experience no interruption in services, and member deposits remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. Members may visit the Share Insurance section of NCUA’s MyCreditUnion.gov website at any time for more information about their insurance coverage.
New Selfreliance Ukrainian American Federal Credit Union members with questions about their accounts can call the credit union at 586-757-1980 Mondays and Tuesdays from 9:30 a.m. to 5:30 p.m., Wednesdays from 11:30 a.m. to 5 p.m., Thursdays from 9 a.m. to 5:30 p.m., Fridays from 9 a.m. to 6:30 p.m., and Saturdays from 9 a.m. to 1 p.m. All times are Eastern. Members can visit Selfreliance Ukrainian American Federal Credit Union’s website for more information about the credit union, its services and branches.
Members may continue to transact business at all former Ukrainian Future Credit Union locations: 26495 Ryan Road in Warren, 11838 Joseph Campau Street in Hamtramck, and 7345 Orchard Lake Road in West Bloomfield.
Prior to the merger, Selfreliance Ukrainian American Federal Credit Union served 20,359 members and had assets of $485.9 million, according to the credit union’s most recent Call Report. At the time of the merger, Ukrainian Future Credit Union was a federally insured, state-chartered credit union with 3,652 members and assets of $77.9 million, according to the credit union’s most recent Call Report. Chartered in 1961, Ukrainian Future Credit Union served members of the Future Ukrainian-American Aid Association of Detroit.
The Michigan Department of Insurance and Financial Services placed Ukrainian Future Credit Union into conservatorship on Feb. 23, 2018, and appointed the National Credit Union Administration as conservator. The two agencies worked together to address issues affecting the credit union’s safety and soundness and determined that merging Ukrainian Future Credit Union into Selfreliance Ukrainian American Federal Credit Union was in the best interests of the members.
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.