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NCUA closes 1.2 million-asset Father Burke FCU
ALEXANDRIA, Va. (12/14/08)-- The National Credit Union Administration (NCUA) has closed a $1.2 million-asset community development credit union in Bronx, N.Y. noting that the credit union is insolvent and has no prospects for restoring viable operations. The credit union, Father Burke FCU, had 510 members and one employee, according to its Website, and served members of the Blessed Sacrament Catholic Church. NCUA’s Asset Management and Assistance Center will issue checks to members holding verified share accounts within one week of the May 12 closing. . Through NCUA’s National Credit Union Share Insurance Fund, credit union member deposits are insured up to at least $100,000 per account. NCUA chartered Father Burke Federal Credit Union in 1971 to serve members of the Blessed Sacrament Catholic Church located in Bronx, New York.


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