Saturday, June 2, 2012

Privately Insured CU in Illinois Closed

USA One National Credit Union (USA One), located in Matteson, Illinois was closed by the Illinois Division of Financial Institutions on May 31, 2012 due to inadequate capital.

Credit Union 1, of Lombard, Illinois purchased all of USA One’s loans and other assets and assumed all of its share account liabilities.

USA One reported total assets of $38 million as of March 31, 2012 and served 8,000 members. At the end of 2011, the credit union reported a loss of almost $1.2 million and had delinquent loans of $3.5 million.

Read the press release.
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