Wednesday, July 30, 2014

Bensenville Community Credit Union Insolvent, Operations Temporarily Suspended

The Illinois Division of Financial Institutions has suspended the operations of Bensenville Community Credit Union after determining the credit union was insolvent.

As of May 31, 2014, the credit union was insolvent with total liabilities and shares of $14,438,508.11 and net assets of $14,429,853.91 resulting in total net worth of negative $8,654.20.

According to its June 30th financial statement, the credit union reported a loss of $340,099 for the first six months of 2014.

The Illinois CU regulator suspended the operation of the credit union for 60 days.

Bensenville Community Credit Union is privately insured.

Read the order.
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