Liquidation
The New Jersey banking and insurance department Wednesday announced the liquidation of the First Jersey Credit Union.
After the NCUA was appointed as liquidating agent, USALLIANCE Federal Credit Union of Rye, N.Y. assumed most of First Jersey's assets and loans.
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USALLIANCE is a federally chartered credit union serving 101,717 members with assets of nearly $1.4 billion.
The New Jersey agency decided to liquidate the credit union after determining that it was insolvent and had no prospect of restoring viable operations. First Jersey is the second federally insured credit union liquidation this year.
At the time of its liquidation, First Jersey served 9,045 members, with assets of almost $86 million. It was first chartered in 1929 and provided financial services to members in Bergen and Passaic Counties and the underserved areas of Essex, Hudson, and Union Counties in New Jersey.
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