ALEXANDRIA, Va. (4/15/13)--Shiloh of Alexandria (Va.) FCU, a $2.4 million-asset, 624-member institution chartered in 1993, closed Friday, the National Credit Union Administration announced late in the day.
The NCUA said the decision to liquidate the credit union, which served members and employees of Shiloh Baptist Church and their immediate family members, as well as an underserved area within the City of Alexandria, was based on finding the credit union was insolvent and had no prospect for restoring viable operations.
Shiloh of Alexandria is the fifth federally insured credit union liquidation in 2013.
Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA's Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within a week.
Former Shiloh members, or any credit union member, with questions about their insurance coverage may contact NCUA's Consumer Assistance Center toll free at 800-755-1030., Monday through Friday between 8 a.m. and 5 p.m. (ET), or use the resource link below for more information.