Post by Logan on Feb 6, 2016 1:21:57 GMT -6
A small credit union that served members of Christ the King Baptist Church in Milwaukee was declared insolvent and shut down by a state regulator Friday.
CTK Credit Union, 7750 N. 60th St., was closed by the Wisconsin Department of Financial Institutions, which appointed the National Credit Union Administration, or NCUA, to liquidate it. The state financial regulatory agency had determined CTK was "insolvent and had no prospect for restoring viable operations," according to a statement issued Friday night by the NCUA.
It was the first liquidation of a federally insured credit union in 2016. CTK Credit Union, founded in 2004, had assets of $163,197 and 397 members, making it one of Wisconsin's smallest credit unions. Credit unions are like banks in many ways, but they are not-for-profit cooperatives owned by their members instead of stockholders.
The NCUA said it will be contacting members of CTK who have accounts. Individual accounts are insured for up to $250,000. Members with additional questions about their deposit insurance coverage may contact the NCUA's assistance center at 1-877-715-0777 Monday through Friday from 8 a.m. to 5 p.m.
Read more: www.jsonline.com/business/small-milwaukee-credit-union-closed-by-state-regulator-b99665536z1-367895821.html
CTK Credit Union, 7750 N. 60th St., was closed by the Wisconsin Department of Financial Institutions, which appointed the National Credit Union Administration, or NCUA, to liquidate it. The state financial regulatory agency had determined CTK was "insolvent and had no prospect for restoring viable operations," according to a statement issued Friday night by the NCUA.
It was the first liquidation of a federally insured credit union in 2016. CTK Credit Union, founded in 2004, had assets of $163,197 and 397 members, making it one of Wisconsin's smallest credit unions. Credit unions are like banks in many ways, but they are not-for-profit cooperatives owned by their members instead of stockholders.
The NCUA said it will be contacting members of CTK who have accounts. Individual accounts are insured for up to $250,000. Members with additional questions about their deposit insurance coverage may contact the NCUA's assistance center at 1-877-715-0777 Monday through Friday from 8 a.m. to 5 p.m.
Read more: www.jsonline.com/business/small-milwaukee-credit-union-closed-by-state-regulator-b99665536z1-367895821.html