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Article: California Department of Financial Institutions Orders Closure and Liquidation of Second Baptist Church Credit Union.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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The California Department of Financial Institutions (DFI) announced that Second Baptist Church Credit Union (Second Baptist) was closed and ordered to be liquidated, citing insolvency and failure to obey an order. Second Baptist is a state-chartered credit union based in Los Angeles and insured by the National Credit Union Administration (NCUA).
The NCUA was appointed Liquidating Agent by the DFI. The NCUA has arranged the transfer of members' share accounts to Prosperity Federal Credit Union (also doing business as Shell Southwest Federal Credit Union).
Member deposits are safe. Accounts are federally insured up to $250,000 per account by the National ...