A week after placing $250 million St. Paul Croatian Federal Credit Union into conservatorship, the NCUA on May 1 announced it was liquidating the credit union after determining that it was insolvent and had "no prospects for restoring viable operations."
About 12 hours before announcing the closing, the agency also announced that Region III Director Alonzo Swann was being transferred to be special assistant to NCUA Executive Director David Marquis and Region II Associate Regional Director of Operations Herb Yolles would serve as acting Region III director, effective immediately. St. Paul Croatian FCU is located in Cleveland and Eastlake, Ohio, which is part of Region III.
NCUA Director of Public and Congressional Affairs John McKechnie said the agency is still assessing the extent of the credit union's financial problems and conducting a valuation of assets. He declined to say whether there are any suspicions about wrongdoing in the credit union's operations.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
