Friday, March 4, 2011

Small Wisconsin CU Closed

The National Credit Union Administration (NCUA)was appointed liquidating agent of Wisconsin Heights Credit Union of Ogema, Wisconsin, by the Wisconsin Office of Credit Unions. NCUA immediately signed an agreement with CoVantage Credit Union of Antigo, Wisconsin, to assume the members, assets and liabilities of Wisconsin Heights Credit Union.

At closure, Wisconsin Heights Credit Union had $713,000 in assets and served 501 members. As of the end of 2010, the credit union had a net worth ratio of 2.64 percent and reported that 27.44 percent of its loans were at least 60 days delinquent.

Wisconsin Heights Credit Union is the fourth federally insured credit union liquidation in 2011. The last Wisconsin credit union to fail was First American Credit Union of Beloit, Wisconsin on August 31, 2010.

Read NCUA's press release.
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