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
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
3 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
4 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
6 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
6 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
9 hours ago