The NCUA announced the liquidation of the Cleveland-based Greater Abyssinia Federal Credit Union Tuesday.
The regulator said in a statement it made the decision to liquidate the credit union and discontinue operations after determining Greater Abyssinia FCU was insolvent and had no prospect for restoring viable operations.
Further, the NCUA's Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union.
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The credit union served 425 members, had assets of $412,775, and was chartered in 1959 to serve members of the Greater Abyssinia Baptist Church and their immediate family members.
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