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
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
15 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
17 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
17 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
17 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
18 hours ago