Wednesday, December 3, 2014

Small Michigan CU Liquidated

The Michigan Department of Insurance and Financial Services liquidated the Metropolitan Church of God Credit Union of Detroit and appointed the National Credit Union Administration as liquidating agent.

The Michigan Department of Insurance and Financial Services made the decision to liquidate the Metropolitan Church of God Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

The credit union served 191 members and had assets of $141,494, according to the credit union’s most recent Call Report.

Metropolitan Church of God is the tenth federally insured credit union liquidation in 2014.

Read the press release.
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