The Michigan Office of Financial and Insurance Regulation Tuesday liquidated the $168,865 Amez United Credit Union of Detroit and appointed the NCUA as liquidating agent.
OFIR made the decision to liquidate the 158-member Amez United and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations. It is the second federally insured credit union liquidation in 2013.
Amez reported a net profit of $1,153 for 2012 and also turned a profit last year. The credit union had nearly 16% net worth as of 2012 year-end, and it's a good thing, because it also reported nearly 16% delinquent loans during that period.
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