The National Credit Union Administration (NCUA) has placed 1st Choice Credit Union in Atlanta, Georgia, into conservatorship. This decision was made in consultation with the Georgia Department of Banking and Finance.
Member deposits at 1st Choice Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000 and a member’s interest in all joint accounts combined up to $250,000. Additionally, IRA and KEOGH retirement accounts are insured separately up to $250,000. The Share Insurance Fund is backed by the full faith and credit of the United States.
Member services will continue uninterrupted at both branches of 1st Choice Credit Union in Atlanta. Members can continue normal financial transactions, deposit and access funds, make loan payments, and use shares. The offices are open Monday through Friday from 8:30 a.m. to 4:00 p.m. Eastern time.
Members with questions about operations may contact the credit union at 404-832-5800 or review frequently asked questions on the NCUA’s website. Information about Share Insurance Fund coverage is available on NCUA’s MyCreditUnion.gov consumer website.
1st Choice Credit Union is a federally insured, state-chartered credit union with 6,709 members and assets of approximately $38.6 million according to its most recent Call Report. It serves employees of Grady Hospital, Morehouse School of Medicine faculty, Emory University School of Medicine faculty, Southside Healthcare, Atlanta Life Insurance Company, South Fulton Community Development Corporation, credit union staff, and family members.
The NCUA is an independent federal agency created by Congress to regulate, charter and supervise federal credit unions. It operates and manages the National Credit Union Share Insurance Fund which insures deposits for over 135 million account holders in federal credit unions and most state-chartered credit unions. The NCUA also focuses on consumer protection and financial literacy education.
For media inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703-518-6572
