WASHINGTON –The National Credit Union Administration on Tuesday determined that Father Burke Federal Credit Union is insolvent and ordered it closed.
The 510-member FCU, which had one employee and served members of the Blessed Sacrament Church in the Bronx, N.Y., had $1.2 million in assets. It was chartered by NCUA in 1971.
According to its latest financial statement, filed with NCUA in March, it had $1.3 million in deposits but $1.4 million in liabilities.
The statement also indicated that the credit union had $1.9 million in deposits in March 2007.
NCUA, which insures deposits up to at least $100,000 per account through its National Credit Union Share Insurance Fund, will issue checks to members with verified share accounts within the week.
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