The National Credit Union Administration (NCUA) today took control of Birmingham Financial Federal Credit Union of Birmingham, Ala. While continuing normal member services in a new location, NCUA said it will work to resolve issues affecting the institution.
Deposits at Birmingham Financial FCU remain federally protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Birmingham Financial FCU up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
Under conservatorship, the credit union moved to a new location. Members of Birmingham Financial FCU can access their accounts Monday–Friday from 10 a.m. to 2 p.m. at America’s First FCU, 1200 4th Ave. North, Birmingham. The credit union’s new phone number is: (205) 731-3527.
Service to Birmingham Financial FCU’s 429 members will continue uninterrupted, NCUA said. Members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares.
Birmingham Financial FCU serves the employees of Birmingham Housing Authority and Birmingham Health Care who work in Birmingham. The credit union reported assets at $1.3 million as of June 30.
Birmingham Financial FCU is the eleventh federally insured credit union placed into conservatorship during 2011.
