11.08.24 Credit Union Failure Friday: Alliance Credit Union, Gainesville, FL

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It’s been a wild week so why not top it off with a financial institution going Tango Uniform.

No banks thus far, so this one is from the National Credit Union Administration:

Alliance Credit Union of Florida Conserved

Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted

ALEXANDRIA, Va. (Nov. 8, 2024) – Florida’s Office of Financial Regulation today placed Alliance Credit Union of Florida in Gainesville, Florida, into conservatorship, and appointed the National Credit Union Administration as conservator.

Member deposits at Alliance Credit Union of Florida remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at Alliance Credit Union of Florida 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 can continue to conduct transactions with the credit union. Member services will continue uninterrupted online and at the credit union’s downtown office at 412 East University Avenue, Gainesville, Florida, and its Millhopper office at 4280 N.W. 16^th Blvd., Gainesville, Florida. The downtown office is open Monday through Thursday, 8 a.m. to 5 p.m., and Friday from 9 a.m. to 6 p.m., Eastern. The Millhopper office is open Monday through Thursday, 9 a.m. to 5 p.m., Friday from 9 a.m. to 6 p.m., and Saturday from 9 a.m. to 12 p.m., Eastern.

Alliance Credit Union of Florida is a federally insured, state-chartered credit union with 5,394 members and assets of approximately $59 million, according to the credit union’s most recent Call Report. Alliance Credit Union of Florida serves anyone living or working in Alachua, Bradford, Gilchrist, Levy, or Union County, and other employee groups as well as their family members.

But don’t worry, the stock market is at all time highs.