Saturday, February 15, 2014

St. Francis Campus CU Closed

The Minnesota Department of Commerce closed St. Francis Campus Credit Union of Little Falls, Minn. and appointed the National Credit Union Administration as receiver.

Central Minnesota Credit Union of Melrose, Minn., assumed St. Francis Campus Credit Union’s members, assets, shares and loans.

The Minnesota Department of Commerce decided to liquidate St. Francis Campus Credit Union and discontinue its operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own.

At the time of liquidation and subsequent purchase by Central Minnesota Credit Union, the credit union served 3,400 members and had assets of approximately $51 million.

This is the second credit union to fail in 2014.

Read the NCUA press release.

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