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News Now

Washington
NCUA liquidates Second Baptist Church CU in Calif.
ALEXANDRIA, Va. (10/30/09)—Former members of Los Angeles-based Second Baptist Church CU will now be served by Rancho Dominguez, Calif.’s Prosperity FCU after the National Credit Union Administration (NCUA) on Thursday announced that it is liquidating the failed credit union, Second Baptist. The NCUA was appointed liquidating agent by the California Department of Financial Institutions earlier in the week. In a separate release, the California Department of Financial Institutions cited “insolvency and failure to obey an order” as reasons for the credit union closure. Prosperity FCU, which currently holds $14.4 million in assets from 2,900 members, will now serve the 340 former members of Second Baptist. Second Baptist is the 12th federally insured credit union to be liquidated in 2009, according to the NCUA. Nevada state regulators closed Las Vegas-based Cumorah CU late last week, and Rantoul, Ill.-based Credit Union 1 has assumed Cumorah's deposits and assets.


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