Members First of Maryland Federal Credit Union Closed: Deposits Protected by NCUA
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Members First of Maryland Federal Credit union has been liquidated by the National Credit Union Administration (NCUA) due to imminent insolvency and a lack of prospects for restoring viable operations. The closure,effective August 29,2025,impacts 3,638 members and approximately $21.9 million in assets. However, member deposits are protected by the National Credit Union Share Insurance Fund (NCUSIF).Aberdeen Proving Ground Federal Credit Union is assisting members during this transition.
Key Details of the Closure
The NCUA determined that Members First of Maryland Federal Credit Union could no longer operate sustainably, leading to the decision to liquidate the credit union.This means the credit union is ceasing operations and its assets will be used to settle its debts.The credit union primarily served members of local unions – United Steelworkers, AFL-CIO, ILA, and IBEW – as well as the communities of Perry hall and White Marsh, Maryland.
A crucial aspect of this closure is the protection offered to members through the NCUSIF. Here’s a breakdown of the coverage:
Individual Accounts: Deposits in individual accounts are insured up to $250,000.
Joint Accounts: A member’s combined interest in all joint accounts is also insured up to $250,000.
retirement Accounts: IRA and KEOGH retirement accounts are separately protected up to $250,000.
The NCUSIF is backed by the full faith and credit of the United States, providing a strong guarantee for member deposits. You can find more facts about share insurance coverage on the NCUA’s MyCreditUnion.gov consumer website: https://mycreditunion.gov/protect-your-money/share-insurance.
What Happens Next for Members?
Aberdeen Proving Ground Federal Credit Union is assisting members of the closed credit union. Members with questions about their accounts can contact Aberdeen Proving Ground Federal Credit Union at 410.272.4000.
For creditors of Members First of Maryland Federal credit Union, a liquidation notice is available here: https://ncua.gov/newsroom/press-release/2025/members-first-maryland-federal-credit-union-closes-aberdeen-proving-ground-federal-credit-union/liquidation-notice.
Key Takeaways
Members first of Maryland Federal Credit Union has been liquidated by the NCUA.
Deposits are fully insured by the NCUSIF up to $250,000 per depositor, per insured category.
Aberdeen Proving Ground Federal Credit Union is assisting affected members.
* Creditors can find information regarding the liquidation process via the provided NCUA link.This closure underscores the importance of deposit insurance and the NCUA’s role in protecting credit union members. While the liquidation of a credit union is disruptive, the NCUSIF ensures that members will not lose their insured funds.
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