Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Small Detroit CU Closed By Regulators
ALEXANDRIA, Va. (2/20/13)--Amez United CU, a Detroit, Mich., credit union with 158 members and $168,865 in assets, has been liquidated by the Michigan Office of Financial and Insurance Regulation.

The state regulator then appointed the National Credit Union Administration to serve as liquidating agent. As liquidating agent, the NCUA has the authority to take on other rights and responsibilities of the credit union. The NCUA said its Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.

The agency on Tuesday reported that the Michigan regulator moved to close the credit union after it determined the credit union was insolvent and had no prospect for restoring viable operations.

Amez is the second federally insured credit union liquidation of the year. The credit union was chartered in 1961 and served registered members of the churches in the Detroit district of the Michigan Conference of the African Methodist Episcopal Zion Church.

There were 13 federally insured credit union liquidations in 2012.

For the full NCUA release, use the resource link.
Other Resources

NCUA Release
RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
12 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
12 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
13 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
14 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
16 hours ago