Friday, June 29, 2018

Louisville Metro Police Officers Credit Union Liquidated

The Kentucky Department of Financial Institutions on June 29 appointed the National Credit Union Administration (NCUA) as liquidating agent of Louisville Metro Police Officers Credit Union of Louisville.

Commonwealth Credit Union of Frankfort, Kentucky, immediately assumed Louisville Metro Police Officers Credit Union’s membership, shares, loans, and all other assets.

Louisville Metro Police Officers Credit Union was placed into conservatorship by NCUA on December 15, 2017.

The decision to liquidate Louisville Metro Police Officers Credit Union and discontinue its operations was made after determining the credit union was insolvent and had no prospect for restoring viable operations.

As of March 31, 2018, the credit union had a net worth ratio of negative 10.38 percent. The credit union posted a loss of approximately 1.7 million during the first quarter of 2018.

Alleged financial crimes at Louisville Metro Police Officers CU contributed to the credit union's failure.

At the time of liquidation and subsequent purchase by Commonwealth Credit Union, Louisville Metro Police Officers Credit Union served 3,349 members and had assets of approximately $20 million, according to the credit union’s most recent Call Report.

This is the third credit union to be liquidated in 2018 and the first Kentucky credit union to be liquidated, since IBEW Local 818 Federal Credit Union on July 10, 2014.

Read NCUA's Press Release.
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