The Michigan Department of Insurance and Financial Services on July 31 liquidated the Greater Christ Baptist Church Credit Union (Detroit, MI) and appointed the National Credit Union Administration as liquidating agent.
The Michigan Department of Insurance and Financial Services made the decision to liquidate the Greater Christ Baptist Church Credit Union and discontinue its operations after determining the credit union was in an unsafe and unsound condition.
The credit union has 396 members, $608,000 in assets, and $470,500 in deposits as of its last quarterly filing.
Greater Christ Baptist Church is the fourth federally insured credit union liquidation in 2018.
Read NCUA's press release.
Read the Michigan Department of Insurance and Financial Services press release.
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