ALEXANDRIA, Va. – NCUA has liquidated American Bakery Workers Federal Credit Union of Philadelphia. TruMark Financial Credit Union of Trevose, Penn. Has assumed American Bakery Workers’ members, deposits and a majority of its loan portfolio.
NCUA said it liquidated American Bakery Workers and discontinued operations after determining the credit union was insolvent with no prospect for restoring viable operations. The credit union had $4.1-million in assets and 1,457 members. It was chartered in 1940.
Trumark Financial has 107,000 members and $1.6-billion in assets.
The liquidation is the first of 2015.