Lakeside FCU Liquidated (Update)

The National Credit Union Administration (NCUA) on Thursday liquidated Lakeside Federal Credit Union of Hammond, Indiana.

NCUA made the decision to liquidate Lakeside Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

However according to the credit union's March 2015 Financial Performance Report, it was profitable and well capitalized with decent loan quality.

Lakeside Federal Credit Union served 2,280 members and had assets of approximately $8.9 million, according to the credit union’s most recent Call Report.

NCUA on Friday announced that Teachers Credit Union of South Bend, Indiana, has completed the purchase and assumption of Lakeside Federal Credit Union of Hammond, Indiana. Teachers Credit Union purchased Lakeside’s loan portfolio and assumed its former members.

Lakeside is the fifth credit union to be liquidated this year.

Read the press release.