ALEXANDRIA, Va. (10/27/11)--The National Credit Union Administration (NCUA) today assumed control of the services and operations of Birmingham Financial FCU of Birmingham, Ala. The agency will continue normal services to Birmingham Financial's 429 members, but in a new location, as it works to resolve issues affecting the institution.
Birmingham Financial is the eleventh federally insured credit union placed into conservatorship during 2011.
Members of the $1.3 million-asset credit union can continue to conduct normal financial transactions, such as making deposit and accessing funds, making loan payments, and using shares. Birmingham Financial FCU is a multiple-bond credit union serving the employees of Birmingham Housing Authority and Birmingham Health Care who work in Birmingham.
Deposits at Birmingham Financial FCU remain federally protected. The NCUA's National Credit Union Share Insurance Fund (NCUSIF) insures individual accounts up to $250,000. The NCUSIF, like the FDIC's Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. government.
Under conservatorship, the credit union moved to a new location and members can access their at America's First FCU, 1200 4th Avenue North, Birmingham. The credit union's new phone number is: (205)731-3527.
The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. Members who have questions about the conservatorship may review the Birmingham Financial FCU Frequently Asked Questions document when it is posted later to the NCUA website at www.ncua.gov