The Wisconsin Office of Credit Unions liquidated New Covenant Missionary Baptist Church Credit Union (New Covenant) of Milwaukee, Wisconsin and appointed the National Credit Union Administration (NCUA) as liquidating agent.
The Wisconsin Office of Credit Unions made the decision to liquidate New Covenant after determining the credit union was in an unsafe and unsound condition to transact its business and had no prospect of restoring viable operations.
The credit union had a net worth ratio of -0.49 percent, as of September 2012. Almost 20 percent of the credit union's loans were 60 days or more past due.
New Covenant served 294 members and had assets of approximately $585,000.
New Covenant Missionary Baptist Church Credit Union is the first federally insured credit union liquidation in 2013.
Read the press release.
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