ENGLEWOOD CLIFFS, N.J.–NCUA has liquidated the $46.6-million Unilever Federal Credit Union, saying it had moved to discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.  

The credit union posted a $336,490 loss at year-end 2024, with net worth of 8.94%. One year earlier, it reported a loss of $134,891 with net worth of 9.29%. 

Like other credit unions serving certain fields of membership, Unilever FCU had relatively few members,1,448, given its asset size. Chartered in 1948, Unilever Federal Credit Union primarily served employees of UNUS, Unilever United States, Inc, and its directly or indirectly wholly owned subsidiaries who work in or are paid from Englewood Cliffs, N.J., the agency said.

Members Being Paid by NCUSIF

As a liquidation rather than a merger into another credit union, any losses will be borne by the National Credit Union Insurance Fund (NCUSIF). The agency did not indicate what any potential cost to the fund might be.

It said members will have funds returned to them up to the $250,000 per account share insurance cap within one week, with NCUA’s Asset Management Assistance Center (AMAC) overseeing the liquidation