April 01, 2014

NCUA liquidates Mayfair FCU

April 2, 2014 – NCUA on Monday announced the liquidation of Mayfair FCU of Philadelphia after determining the institution was insolvent with no prospect for recovery.

The credit union had 1,519 members and about $14.3 million in assets, according to its most recent call report. Chartered in 1936, Mayfair served a low-income community in Philadelphia. Freedom Credit Union of Warminster, Pa., assumed Mayfair's members and deposits as well as a portion of its loan portfolio and other assets.

Mayfair FCU is the fourth federally insured credit union liquidation in 2014.