Gulf Winds Federal Credit Union, of Pensacola, Fla., has assumed the members and deposits of the former Florida Conference AME Church Federal Credit Union of Tallahassee, the National Credit Union Administration announced Friday.
Gulf Winds is a federal credit union with 59,012 members and assets of $626,966,201, according to its most recent Call Report.
Gulf Winds is working to reopen FCAMEC's sole branch either Friday or Monday, March 20, according to Kurt Stenerson, vice president of marketing for Gulf Winds.
FCAMEC's net worth was 2.75% at the end of 2016 and 3.76% in 2015, according to NCUA financial performance reports. In addition, the credit union's total loans dropped from $1.1 million in 2012 to $860,733 in 2016. Likewise, FCAMEC's loan income fell from $110,436 in 2012 to $71,571 in 2016, according to NCUA financial performance reports.
The small credit union also posted a net income loss of $104,541 in December 2015 and $9,601 in December 2016.
The new Gulf Winds members should experience no interruption in normal services, and their deposits continue to be federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000.
NCUA liquidated Florida Conference AME Church Federal Credit Union and discontinued its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Chartered in 1976, Florida Conference AME Church Federal Credit Union served members, employees, annuitants, pensioned, organizations of, churches, and the families of the Florida Conference of African Methodist Episcopal Church in Tallahassee and towns located in Gadsden, Leon, Madison, Jefferson, Taylor, Wakulla, Escambia, Santa Rosa, Okaloosa, Walton, Holmes, Washington, Bay, Jackson, Calhoun, Gulf, Liberty, and Franklin Counties in Florida.
Florida Conference AME Church Federal Credit Union was the first federally insured credit union liquidation in 2017.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
