Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Faith-based CU takes over church in foreclosure
OCEANSIDE, Calif. (5/1/08)--Evangelical Christian CU (ECCU) took over Ambassador Family Church in Oceanside at a trustee sale in April. Church membership dropping to 200 from 800 in recent years, and cost overruns and financial turmoil that arose from building a new church on the property purchased in 2000, led to the foreclosure (NCTimes.com April 29). “We’re negotiating with the church regarding a variety of month-to-month rental options to remain in the property while it is being sold,” Jac Latour, ECCU communications and public relations manager, told News Now. “This is a rare occurrence because when a ministry is in a relationship with ECCU, we try to help them navigate through any rough waters that they are in,” he added. The property fell into default in December and the $1.029 billion asset, Brea, Calif.-based credit union took back the property--valued at $5.6 million--April 17, the newspaper said.


RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
8 29 ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
8 29 ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
8 29 ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
8 29 ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
8 29 ago