Alliance Credit Union of Florida Placed into Conservatorship

FL OFR Press Releases

Filed November 8th, 2024

Detected February 12th, 2026

Summary

Florida's Office of Financial Regulation placed Alliance Credit Union of Florida into conservatorship on November 8, 2024, appointing the National Credit Union Administration (NCUA) as conservator. Member accounts remain protected by the NCUA's Share Insurance Fund, and services will continue uninterrupted.

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What changed

The Florida Office of Financial Regulation has placed Alliance Credit Union of Florida into conservatorship, appointing the National Credit Union Administration (NCUA) as the conservator. This action affects the credit union's operations and management, though member deposits remain protected by the National Credit Union Share Insurance Fund, insured up to $250,000 per member. Member services are expected to continue uninterrupted at the existing branches.

Regulated entities, particularly credit unions and financial institutions, should note this action as an example of regulatory intervention. While this specific action directly impacts Alliance Credit Union of Florida and its members, it underscores the importance of maintaining sound financial practices and regulatory compliance. Consumers with accounts at the credit union can continue normal transactions and should consult the NCUA's website for FAQs and insurance coverage details. No immediate compliance actions are required for other entities based on this announcement, but it serves as a reminder of potential regulatory oversight.

Source document (simplified)

Alliance Credit Union of Florida Conserved

11/08/2024

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.

Members with questions about Alliance Credit Union of Florida’s operations may contact the credit union at 352.372.8225. Members with questions about the conservatorship may review the Alliance Credit Union of Florida frequently asked questions posted on the NCUA’s website. They can also contact the NCUA’s Consumer Assistance Center at 800.755.1030, Monday through Friday from 8 a.m. to 5 p.m., Eastern.

Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of NCUA’s MyCreditUnion.gov consumer website.

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.

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