$2M CU in MI becomes 4th liquidated FICU this year
March 29, 2016 -- Veterans Health Administration Credit Union of Detroit became the fourth federally insured credit union liquidation in 2016 following the decision by the State of Michigan Department of Insurance and Financial Services, which named NCUA the liquidating agent.
The credit union served 1,297 members and had assets of $2 million, according to the credit union’s most recent Call Report, NCUA stated in a release.
NCUA added that Public Service Credit Union of Romulus, Mich., assumed Veterans CU’s members, assets, and loans and shares. Public Service Credit Union is a federally insured, state-chartered credit union with assets of $156 million and 23,585 members, the agency stated, according to the credit union’s most recent Call Report.
Also in its release, NCUA stated that the Michigan DIFS made the decision to liquidate Veterans CU after determining the credit union was insolvent with no prospect for restoring viable operations on its own. Chartered in 1954, the credit union primarily served employees of the Detroit and Ann Arbor Veterans Administration Medical Centers.