The Minnesota Department of Commerce on Friday closed St. Francis Campus Credit Union and appointed the NCUA receiver and liquidating agent of the $51 million Little Falls, Minn.-based institution.
The $759 million Central Minnesota Credit Union of Melrose, Minn., assumed St. Francis Campus's 3,400 members, assets, shares and loans.
The Minnesota Department of Commerce made the decision to liquidate St. Francis Campus CU and discontinue its operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own.
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.
