The Illinois Department of Financial and Professional Regulation issued an order of liquidation to St. Elizabeth’s Credit Union of Chicago and subsequently appointed the National Credit Union Administration as liquidating agent.
Northstar Credit Union, of Warrenville, Illinois, immediately assumed most of St. Elizabeth’s Credit Union’s members, assets and loans.
Following a 60-day suspension period, the Illinois Department of Financial and Professional Regulation determined that St. Elizabeth’s Credit Union should be liquidated.
At the end of 2017, St. Elizabeth’s Credit Union had $116,449 in assets.
St. Elizabeth’s is the first federally insured credit union liquidation in 2018.
Read the order for liquidation.
Read NCUA's press release.
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