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.
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The credit union's financial reports showed no sign of financial distress. As of Dec. 31, 2013, St. Francis Campus CU reported 10.84% net worth, 0.29% loan delinquencies and no charge offs. The credit union reported a $482,016 net profit for 2013.
According to its fourth quarter call report, St. Francis Campus CU had six full-time employees, led by Manager/CEO Margurite M. Cofell, and two part-time employees.
St. Francis Campus Credit Union is the second federally insured credit union liquidation in 2014, following the Jan. 21 liquidation of the Bagumbayan Credit Union of Chicago, which had just $55,000 in assets.
Central Minnesota CU is a federally insured, state-chartered credit union with 52,000 members, according to its most recent Call Report.
Chartered in 1963, St. Francis Campus Credit Union served employees of the St. Francis Campus, as owned by the Franciscan Sisters, their relatives and employees of the credit union.
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