And conveniently, just as the holiday weekend begins and no one cares, a credit union goes tango uniform into the night.
From the National Credit Union Administration website:
Members First of Maryland Federal Credit Union Closes, Aberdeen Proving Ground Federal Credit Union Assumes Members and Shares
ALEXANDRIA, VA (August 29, 2025) – The National Credit Union Administration today liquidated Members First of Maryland Federal Credit Union in Baltimore, Maryland.
Aberdeen Proving Ground Federal Credit Union of Edgewood, Maryland immediately purchased some assets and assumed Members First of Maryland Federal Credit Union’s share accounts. Aberdeen Proving Ground Federal Credit Union is a federally insured credit union with 174,947 members and assets of $2.5 billion, according to the credit union’s most recent Call Report.
The new Aberdeen Proving Ground Federal Credit Union members will experience no interruption in services and their accounts remain federally insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Members First of Maryland Federal Credit Union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their accounts may contact Aberdeen Proving Ground Federal Credit Union at 410.272.4000 anytime. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (Opens new window) section of the NCUA’s MyCreditUnion.gov consumer website.
NCUA made the decision to liquidate Members First of Maryland Federal Credit Union and discontinue its operations after determining insolvency was imminent, and the credit union had no prospect for restoring viable operations. At the time of liquidation, Members First of Maryland Federal Credit Union served 3,638 members and had assets of approximately $21.9 million, according to the credit union’s most recent Call Report. 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, Maryland.
So in this era of “America’s strongest economy ever” one of the “financially strong” credit unions as their home page says in Maryland is put into involuntary liquidation.
Draw your own conclusions as this begins to occur with more rapidity.
