ALEXANDRIA, Va. (3/26/12)--Charlotte, N.C.-based Sheperd's FCU has been liquidated, the National Credit Union Administration (NCUA) announced Monday.
The agency said it decided to liquidate the credit union after finding it was insolvent and had no prospect for restoring viable operations.
The NCUA will return funds to current members via check within one week, it said.
Sheperd's FCU served 1,397 members and held $379,000 in assets. The credit union was chartered in 2010 to serve members and employees of Unity, the Way of Holiness Christian Church, based in Charlotte and Clarkton, N.C.
It is the fourth credit union to be liquidated in 2012.
The NCUA was named liquidating agent of Saguache County CU of Moffat, Colo., late last week, and was apppointed by California regulators as conservator for Chatsworth, Calif.-based Telesis Community CU. (See March 26 story: One liquidation, one conservatorship announced by regulators.)