Tuesday, March 29, 2016

Veterans Health Administration CU Closed

The State of Michigan Department of Insurance and Financial Services today liquidated Veterans Health Administration Credit Union of Detroit and named the National Credit Union Administration as liquidating agent.

Public Service Credit Union of Romulus, Michigan, immediately assumed Veterans Health Administration Credit Union’s members, assets, and loans and shares.

The Department of Insurance and Financial Services made the decision to liquidate Veterans Health Administration Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.

At the time of liquidation and subsequent purchase by Public Service Credit Union, Veterans Health Administration Credit Union served 1,297 members and had assets of $2 million, according to the credit union’s most recent Call Report. According to the credit union's Financial performance Report, it experienced a significant drop in asset size during the fourth quarter, as assets fell by 46 percent.

Veterans Health Administration Credit Union is the fourth federally insured credit union liquidation in 2016.

Read the press release.

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