Bagumbayan Credit Union Closed

The National Credit Union Administration announced the liquidation of Bagumbayan Credit Union of Chicago.

Great Lakes Credit Union of North Chicago, Ill., immediately assumed Bagumbayan’s members and deposits.

NCUA, with approval from the Illinois Department of Financial and Professional Regulation, made the decision to liquidate Bagumbayan Credit Union and discontinue its operations to protect the credit union from continued financial deterioration.

As of December 2013, the credit union was seriously undercapitalized with a net worth ratio of 2.56 percent. It had a return on average assets of minus 16.35 percent.

At the time of liquidation and subsequent purchase and assumption by Great Lakes Credit Union, Bagumbayan Credit Union served 44 members and had assets of $55,140.

Read the press release.