Credit union closure in Syracuse sparks community fight
Syracuse Neighborhood Federal Credit Union, opened in 1980 to serve local neighborhoods, was shut down by the NCUA on March 22 after regulators cited insolvency. Officials and board members dispute the basis, saying the decision relied on 1989 figures and ignored early 1990 improvements. About 1,400 members lost access to basic services, checks, and loans, while organizers plan a new board and community meeting to rebuild local financial help.
MENTIONED IN THIS ARTICLE
Redd
Solem
Credit Ion
Corine Goodman
Gird Street
Southalma Street
Ew Street
Jim
Mortages
Fayetteville
Federal Examiners
Pracuse Federal Credit Union
Gaminer
Offi&e
Howe
Sai Credit Union
Examiner
Syracuse Universe
David M. Marcnis
NCUA
Assndate
Franklin Redd
Syracuse
Federal Credit
Hopes Memorial Church
State St
Mario Morelli
Federal Credit Union
University United Methodist Church
National Credit Union Administration
Debate over banking access after credit union closure on Syracuse South Side
The loss of the Syracuse Neighborhood Federal Credit Union leaves 1,400 residents in a South Side area of about 40,000 with fewer financial services. Four banks now serve the area, prompting debate on bank profitability, urban access, and the role of credit unions in low income neighborhoods.
MENTIONED IN THIS ARTICLE
Credit Union
S. Salina St
Merchant's Bank
South and Elmhurst Avenues
Marine Midland Bank
Valley Plaza
Chase Lincoln First
Seneca Turnpike
South Salina
Syracuse
South Side
Review of Black Political Economy
Emanuel Henderson Jr
JHP Industrial Supply
Game Road
Central New York Minoriiy Contractors and Vendors Association
Richard Callahan
Marine Midland Bank N.A
Callahan
Key Bank of Central New York N.A
Richard Puchalski
Syracuse United Neighbors
SUN
East Genesee
Puchalski
Institute's Solution Buy a Bank in Harlem Buy a Bank
The Gordon Institute and North Manhattan Credit Union seek to buy Goldome's Harlem branch to create an instant full service credit union. If approved by regulators, the plan aims to stabilize the 8,000 residents served and allow professional management from day one. The initiative could model similar moves in Syracuse and other cities.
MENTIONED IN THIS ARTICLE
Syracuse
New York City
Goldome
Harlem
New York Cry
Gordon Institute
New York State
Clarence Gillis
The
North Manhattan
135Th Street
Lenox Avenue
Gillis
Goldome Bank
Help channels for Syracuse Federal Credit Union members
Members who have not received a check for their deposits or have questions about loan payments should contact the National Credit Union Administration Asset Liquidation Management Center at 4807 Spicewood Springs Road Austin Texas 78759 or call 5424924500.
MENTIONED IN THIS ARTICLE
Syracuse Federal Credit Union
National Credit Union Administration
Cost of closing financial institutions compared to others
The text notes that closing credit unions costs less than banks and savings and loans. It cites 1989 bank closures at 38 times higher costs and says the savings and loan bailout would cost 38 times more than failed credit unions. It states 44 S&Ls closed in 1989 and 281 were managed under supervision with most to be sold or banded. Bailout costs estimated at least 742 billion over nine years.
MENTIONED IN THIS ARTICLE
Callahan
Also Mentioned on This Page
Theredit Union
Heter
Syrause
Federal Credit Uion
Vice
Delirouert
Ure I Rebels
Sun Supe
Albany
Lane Puligusduer
Ncos
Henderson
Cliff Rosenthal
National Federation of Community Development Credit Unions
South Salina Street
Bellevue
dAve
Euclid
Meadowbrook
Dick Liddle
Key Bank
Robert Douglas
Chase Lincoln First Bank N.A
Onondaga County
Mike Hubbard
Norstar Bank of Central New York N.A
Institute
Sausees & Loans
CC McKee
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