Feb. 20, 2013 – The tiny Amez United CU of Detroit, Mich., was liquidated Tuesday and NCUA was appointed liquidating agent.
The Michigan Office of Financial and Insurance Regulation liquidated the credit union because it was insolvent and “had no prospect for restoring viable operations,” NCUA said in an announcement.
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. It had 158 members and about $168,865 in assets at the time of its last call report, NCUA said. It was the second federally insured credit union liquidated this year.
Members’ shares are protected by the National Credit Union Share Insurance Fund.