Member Deposits Remain Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, Va. (March 17, 2017) – Gulf Winds Federal Credit Union, of Pensacola, Florida, has assumed the members and deposits of the former Florida Conference AME Church Federal Credit Union of Tallahassee, the National Credit Union Administration announced today.
Gulf Winds is a federal credit union with 59,012 members and assets of $626,966,201, according to its most recent Call Report. Chartered in 1954, Gulf Winds serves people who live, work, worship or attend school in, and businesses and other legal entities in, the Florida counties of Escambia, Gadsden, Jefferson, Leon, Santa Rosa, and Wakulla, and Escambia County in Alabama.
Gulf Winds has posted information for its new members online, and new members with questions, including questions about loan payments, can contact the credit union at 800-650-6328 Monday through Friday from 8 a.m. until 5 p.m. Central or Saturday between 8:30 a.m. and noon.
The new Gulf Winds members should experience no interruption in normal services, and their deposits continue to be federally insured by the National Credit Union Share Insurance Fund. Administered by 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.
NCUA liquidated Florida Conference AME Church Federal Credit Union and discontinued its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Florida Conference AME Church Federal Credit Union served 560 members and had assets of $1,760,664, according to the credit union’s most recent Call Report.
Chartered in 1976, Florida Conference AME Church Federal Credit Union served members, employees, annuitants, pensioned, organizations of, churches, and the families of the Florida Conference of African Methodist Episcopal Church in Tallahassee and towns located in Gadsden, Leon, Madison, Jefferson, Taylor, Wakulla, Escambia, Santa Rosa, Okaloosa, Walton, Holmes, Washington, Bay, Jackson, Calhoun, Gulf, Liberty, and Franklin Counties in Florida.
Florida Conference AME Church Federal Credit Union was the first federally insured credit union liquidation in 2017.