Saturday, February 6, 2016

CTK Credit Union Closed

The Wisconsin Office of Credit Unions served an order of liquidation on CTK Credit Union of Milwaukee and immediately appointed the National Credit Union Administration as liquidating agent.

The Wisconsin Office of Credit Unions made the decision to liquidate CTK Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

CTK Credit Union was a federally insured, state-chartered credit union that served 397 members and had assets of $163,197, according to the credit union’s most recent Call Report.

CTK Credit Union reported 4 consecutive years of losses. As of the end of 2015, the credit union was undercapitalized with a net worth ratio of 5.88 percent and had a delinquent loan ratio of 22.98 percent.

CTK Credit union is the first credit union to be liquidated in 2016.

Read NCUA's press release.

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