Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
ALEXANDRIA, Va. (March 4, 2022) – The National Credit Union Administration today liquidated Empire Financial Federal Credit Union of New York, New York.
Jovia Federal Credit Union of Westbury, New York, immediately assumed Empire Financial Federal Credit Union’s assets, member shares, and loans. Jovia FCU is a federally insured credit union with 206,572 members and assets of $3.96 billion, according to the credit union’s most recent Call Report.
The new Jovia FCU members will experience no interruption in services, and accounts remain insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their accounts may contact Jovia Federal Credit Union at 516.561.0030 between 9:00 a.m. and 5:00 p.m. Monday through Friday and between 9:00 a.m. and 1:00 p.m. on Saturdays. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of the NCUA’s MyCreditUnion.gov (opens new window) consumer website.
At the time of liquidation and subsequent purchase by Jovia FCU, Empire Financial served 270 members and had assets of approximately $5.12 million, according to the credit union’s most recent Call Report. Chartered in 1976, Empire Financial Federal Credit Union served multiple employer, associational, and faith groups in New York and New Jersey.
Empire Financial Federal Credit Union is the first federally insured credit union liquidation in 2022.