Mission San Francisco Federal Credit Union Closed by Regulators
by STAFF WRITER Published April 9, 2011 Credit Unions Online
The National Credit Union Administration (NCUA) placed Mission San Francisco Federal Credit Union of San Francisco, California, into liquidation on Friday, April 8, 2011. Immediately thereafter, Self-Help Federal Credit Union of Durham, North Carolina, purchased and assumed Mission San Francisco’s assets, liabilities and members.
The new Self-Help Federal Credit Union members will experience no interruption in credit union service, and their accounts remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Self-Help Federal Credit Union is a full-service institution with $210 million in assets and 31,000 members.
NCUA assumed control of operations at Mission San Francisco Federal Credit Union on April 8, 2011, and immediately signed an agreement with Self-Help Federal Credit Union. The agreement allows for continued service to the former members of Mission San Francisco at a safe, sound credit union.
At closure, Mission San Francisco had approximately $6 million in assets and served 2,500 members. The former credit union was established in 1971 to serve members located in the Mission District in San Francisco, California. This is the sixth federally insured credit union liquidation in 2011.
See the complete list of credit union closings in 2011.