Friday, May 16, 2014

Health One CU Conserved

The Director of the Michigan Department of Insurance and Financial Services placed Health One Credit Union, headquartered in Detroit, into conservatorship and named the National Credit Union Administration as agent to handle the credit union’s day-to-day operations.

The Michigan Department of Insurance and Financial Services placed Health One into conservatorship because of the recent discovery of unsafe and unsound practices.

The credit union reported a loss of $181,746 for the first quarter of 2014 after reporting a loss of $1.3 million for 2013. The credit union reported a net worth ratio of 3.90 percent and a delinquency ratio of 7.97 percent.

Health One Credit Union has 3,882 members and assets of $18.2 million, according to the credit union’s March 31, 2014.

Read the NCUA press release.

Order from Michigan Department of Insurance and Financial Services.

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