Mayfair Federal Credit Union Closes, Shares Assumed by Freedom Credit Union
Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (March 31, 2014) – The National Credit Union Administration today liquidated Mayfair Federal Credit Union of Philadelphia.
Freedom Credit Union of Warminster, Pa., immediately assumed Mayfair’s members and deposits as well as a portion of the loan portfolio and other assets. Freedom Credit Union is a federally insured, state-chartered credit union serving more than 60,000 members and holding nearly $623 million in assets, according to its most recent Call Report.
The new Freedom Credit Union members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.
Members with questions about their accounts may contact Freedom Credit Union’s Call Center at 215-612-5900. The Call Center is open between 8 a.m. and 6 p.m. Monday through Thursday, 8 a.m. and 7 p.m. on Friday, and 9 a.m. and 1 p.m. on Saturday.
NCUA placed Mayfair into conservatorship in 2013 to protect the credit union’s financial stability and operations. NCUA made the subsequent decision to liquidate and discontinue operations after determining the Mayfair was insolvent with no prospect for restoring viable operations.
At the time of liquidation and subsequent purchase and assumption by Freedom Credit Union, Mayfair served 1,519 members and had assets of $14.3 million, according to the credit union’s most recent Call Report. Chartered in 1936, Mayfair served a low-income community in Philadelphia.
Mayfair Federal Credit Union is the fourth federally insured credit union liquidation in 2014.