NCUA closes $5 million Empire Financial FCU, first insured credit union closed in 2022

Empire Financial Federal Credit Union (FCU) of New York, N.Y., a tiny credit union that last reported about $5.12 million in assets and 270 members, on Friday became the first federally insured credit union liquidated this year by the National Credit Union Administration (NCUA), the agency said.

The NCUA said that Empire Financial’s assets, member shares, and loans were immediately assumed by Jovia Federal Credit Union of Westbury, N.Y. It said Jovia FCU last reported 206,572 members and assets of $3.96 billion.

Empire Financial, chartered in 1976, Empire Financial Federal Credit Union served multiple employer, associational, and faith groups in New York and New Jersey, the agency said.