Thursday, February 12, 2015

Operations at Tiny Illinois CU Suspended due to Insolvency

The Illinois Department of Financial and Professional suspended the operation of Imperial Credit Union (Springfield, Illinois) for 60 days (beginning December 30, 2014), due to the credit union’s insolvency. A Manager Trustee has been appointed to operate the credit union during the 60-day suspension period.

At the time of the order, the credit union had $31,428 in liabilities and shares and net assets of $24,341. The credit union reported a loss of $11,869 for 2014.

Read the order.

Read the order appointing a Manager Trustee.

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