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
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
12 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
13 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
13 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
14 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
15 hours ago