The National Credit Union Administration (NCUA) has liquidated Members First of Maryland Federal Credit Union, located in Baltimore, Maryland. The decision was made after the agency determined that insolvency was imminent and there were no prospects for restoring viable operations.
Aberdeen Proving Ground Federal Credit Union, based in Edgewood, Maryland, has purchased some assets and assumed the share accounts of Members First of Maryland Federal Credit Union. According to its most recent Call Report, Aberdeen Proving Ground Federal Credit Union is federally insured and serves 174,947 members with assets totaling $2.5 billion.
Members who previously belonged to Members First of Maryland Federal Credit Union will not experience any interruption in services. Their accounts remain protected by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the NCUA. The NCUSIF insures individual accounts up to $250,000 and provides separate coverage for IRA and KEOGH retirement accounts up to $250,000. The fund is backed by the full faith and credit of the United States.
At the time of liquidation, Members First of Maryland Federal Credit Union served 3,638 members and held approximately $21.9 million in assets. Its membership included individuals from local unions such as United Steelworkers, AFL-CIO, ILA, IBEW as well as residents from Perry Hall and White Marsh communities.
Members with questions about their accounts can contact Aberdeen Proving Ground Federal Credit Union at 410.272.4000 at any time or visit the Share Insurance Coverage section on MyCreditUnion.gov for more information.
The NCUA is an independent federal agency established by Congress to regulate and supervise federal credit unions across the country. It manages the National Credit Union Share Insurance Fund that protects deposits for over 143 million account holders in all federal credit unions and most state-chartered credit unions nationwide (https://www.ncua.gov/about-ncua).