Agency closes small MD credit union after ‘imminent insolvency’ feared

After a determination of “imminent insolvency” by its federal regulator, a Maryland credit union was closed late Friday, allowing another credit union in the state to assume the members and shares of the shuttered institution.

The National Credit Union Administration (NCUA), in a press release, said it liquidated Members First of Maryland Federal Credit Union (FCU) in Baltimore, Md. The agency said that, after reaching the view of looming failure, it also determined “the credit union had no prospect for restoring viable operations.”

Members First counted 3,638 members and held assets of about $21.9 million, NCUA said, referring to the credit union’s most recent call report. The credit union served members of local unions (United Steelworkers, AFL-CIO, ILA, and IBEW) as well as the communities of Perry Hall and White Marsh, Md., NCUA said.

The agency said the assuming Aberdeen Proving Ground (APG) FCU, in Aberdeen, Md., counted 174,947 members and held assets of $2.5 billion, according to the its most recent call report.

Members First of Maryland Federal Credit Union Closes, Aberdeen Proving Ground Federal Credit Union Assumes Members and Shares