The $14.3 million Mayfair Federal Credit Union in Philadelphia was placed in conservatorship Friday by the NCUA despite reporting a net worth of 13.69% in September.
"Normal member services at the main office at 2844 St. Vincent St. in Philadelphia will continue uninterrupted. The credit union's branch at 2645 Orthodox St. in Bridesberg, Pa., will be closed. During the conservatorship, NCUA will work to resolve issues affecting the institution's safety and soundness," said an NCUA press release issued after a closed meeting on Friday.
The NCUA said Mayfair FCU, which serves a low-income area in the city, is the fourth federally insured credit union that has been placed into conservatorship this year.
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