First Kingdom Community Federal Credit Union Conservatorship FAQs

Yes, member accounts at First Kingdom Community Federal Credit Union remain safe and fully insured up to the maximums established in federal law.

The National Credit Union Share Insurance Fund (Share Insurance Fund) insures individual accounts up to $250,000 and joint accounts up to $250,000 per member. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000.

The Share Insurance Estimator allows individuals to estimate their share insurance coverage. Once an individual inputs the required data, the Share Insurance Estimator produces a report with detailed explanations of insurance coverage.

Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8:00 a.m. and 6:00 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.

First Kingdom Community Federal Credit Union is under control of the National Credit Union Administration. NCUA placed the credit union into conservatorship in order to protect members’ assets.

An agency of the federal government, NCUA, among other things, operates and manages the Share Insurance Fund, which insures accounts at all federal credit unions including First Kingdom Community Federal Credit Union.

A conservatorship means that NCUA has assumed control of a credit union. In a conservatorship, NCUA works to address issues related to a credit union’s operations and financial condition.

At present, members will not be able to conduct business at the credit union. NCUA is working on a resolution to continue service to members, and they will be contacted in the near future.

Through a conservatorship, NCUA seeks to fix operating issues at a credit union with a goal of protecting member assets and seeking a resolution to identified problems.

First Kingdom Community Federal Credit Union operates in Selma, Ala., and has about 76 members.

First Kingdom Community Federal Credit Union is a community charter credit union serving persons who live, work, worship, or attend school in, Dallas County, Ala.; businesses and other legal entities located in the county; spouses of persons who died while within First Kingdom’s field of membership; employees of the credit union; volunteers in the community; members’ immediate family or household; and organizations of such persons.

The credit union has approximately $88,400 in assets, according to its most recent Call Report.

In working to resolve the issues affecting First Kingdom Community Federal Credit Union NCUA’s top priority is to protect the interests of the credit union’s members. NCUA has no set timeframe for completing this resolution process.

NCUA has made no decisions about the future of the credit union.