CA Credit Union LiquidatedSecond Baptist Church CU Insolvent; Assets Moved to Prosperity Federal CU The Second Baptist Church Credit Union of Los Angeles, CA this week became the 12th credit union to be liquidated in 2009. The California Department of Financial Institutions liquidated the credit union on Wednesday and turned it over to the National Credit Union Administration.
Overall, this is the 19th credit union reported to have been liquidated or placed into conservatorship in 2009, and the 125th failed banking institution overall this year.
The NCUA arranged for Prosperity Federal Credit Union, Rancho Domingue, CA to assume the failed credit union's loans and shares. This move allows the failed credit union's 340 members to continue at Prosperity FCU. The NCUA says the credit union was closed because it was insolvent.
Prosperity FCU has $14.4 million in assets and serves about 2,900 members.