BALTIMORE–NCUA said it has liquidated the undercapitalized, $21.8-million Members First of Maryland Federal Credit Union here, with Aberdeen Proving Ground FCU in Edgewood, Md. immediately purchasing some assets and assuming Members First’s share accounts.
Members First of Maryland reported a mid-year loss of $72,130, with net worth at a paltry 3.35%. The credit union had $34,954 in net income at year-end 2024.
It has approximately 3,600 members.
NCUA said it made the decision to liquidate Members First of Maryland and to discontinue its operations after “determining insolvency was imminent, and the credit union had no prospect for restoring viable operations.”
About the FOM
Members First of Maryland Federal Credit Union served members of local unions (United Steelworkers, AFL-CIO, ILA, and IBEW), as well as the communities of Perry Hall and White Marsh, Md.
The $2.5-billion Aberdeen Proving Ground FCU has 174,947 members. It had mid-year net income of $7.87 million, with net worth of 8.95%.
NCUA reassured the new ABGFCU members they will experience no interruption in services and their accounts remain federally insured
