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Washington
N.J.s St. James A.M.E. FCU becomes tenth NCUA liquidation
ALEXANDRIA, Va. (6/27/11)--St. James A.M.E. FCU of Newark, N.J. became the tenth federally insured credit union to be liquidated this year, the National Credit Union Administration announced Friday. North Jersey FCU of Totowa, N.J., a full-service institution with $194 million in assets and more than 29,700 members, immediately assumed St. James A.M.E. Federal Credit Union’s members and those members experienced no interruption in credit union services. The NCUA liquidated St. James after determining the credit union was insolvent and had no prospect for restoring viable operations on its own. At the time its liquidation, the credit union served 831 members and had deposits of approximately $1 million. St. James was chartered in 1946 and originally served embers of the St. James African Methodist Episcopal Church in Newark. Membership was expanded to include members of the Greater Mt. Teman A.M.E. Church in Elizabeth, N.J., in 1994.


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