Friday, May 23, 2014

Life Line CU Closed

The Virginia State Corporation Commission closed Life Line Credit Union, Inc., of Richmond, Va., and appointed the National Credit Union Administration Board as receiver to act as liquidating agent. Virginia Credit Union, Inc., headquartered in North Chesterfield, Va., assumed all member shares.

The Virginia State Corporation Commission made the decision to close Life Line and discontinue its operations after determining the credit union is insolvent and has no reasonable prospect for restoring viable operations. Life Line CU had a net worth ratio of 4.78 percent as of the first quarter of 2014.

At the time of liquidation and subsequent assumption by Virginia Credit Union, Life Line was a federally insured, state-chartered credit union that served 2,076 members and had assets of $7.9 million, according to its most recent Call Report.

Life Line Credit Union is the fifth federally insured credit union liquidation in 2014.

Read the press release.

Read the order closing the credit union.
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