California Department of Financial Institutions Orders Closure and Liquidation of Second Baptist Church Credit Union
(San Francisco, CA) – The California Department of Financial Institutions (DFI) today announced that Second Baptist Church Credit Union (Second Baptist) was closed and ordered to be liquidated, citing insolvency and failure to obey an order. Second Baptist is a state-chartered credit union based in Los Angeles and insured by the National Credit Union Administration (NCUA).
The NCUA was appointed Liquidating Agent by the DFI. The NCUA has arranged the transfer of members’ share accounts to Prosperity Federal Credit Union (also doing business as Shell Southwest Federal Credit Union).
Member deposits are safe. Accounts are federally insured up to $250,000 per account by the National Credit Union Share Insurance Fund (NCUSIF).
The NCUA will announce their acceptance as Liquidating Agent of Second Baptist in a press release, which will be available on their Web site at www.ncua.gov.
California’s financial institutions are symbols of safety and soundness. Maintaining the integrity of financial services remains the primary mission of the DFI.
The DFI supervises over 700 state financial institutions. The DFI is responsible for administering state law as regulator of state-licensed financial institutions, including banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers checks and payment instruments (money orders), money transmitters and premium finance companies. In addition to posting information about licensees, the DFI Web site features consumer information on a variety of financial topics and DFI consumer information brochures available in seven languages.
The DFI reports to Dale E. Bonner, Secretary of the Business, Transportation and Housing Agency and Governor Arnold Schwarzenegger.
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