Amez United Credit Union of Detroit, Michigan, was been shut down by the Michigan Office of Financial and Insurance Regulation today and it’s carcass was fed to the National Credit Union Association as receiver. The tiny credit union served about 160 members and had $168,000 in assets.
The Michigan Office of Financial and Insurance Regulation (OFIR) today liquidated Amez United Credit Union of Detroit, Mich., and appointed the National Credit Union Administration (NCUA) as liquidating agent.
Amez United Credit Union members’ deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.
Members with questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at (800) 755-1030. The Center answers calls Monday through Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
OFIR made the decision to liquidate Amez United Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Originally chartered in 1961, Amez United Credit Union served registered members of the churches in the Detroit district of the Michigan Conference of the African Methodist Episcopal Zion Church. Amez United Credit Union had 158 members and assets of approximately $168,865, according to its most recent Call Report.
Amez United Credit Union is the second federally insured credit union liquidation in 2013.