The Michigan Department of Insurance and Financial Services appointed the NCUA as the liquidating agent for the closure of the $141,494 Metropolitan Church of God Credit Union in Detroit on Wednesday.
"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 NCUA said.
According to the Metropolitan Church of God's most recent call report, the credit union reported a 7.38% net worth to the NCUA, no delinquencies and no charge-offs. The credit union earned a negative .94% return on average assets. No charge-offs were reported as of September 30, 2013 but delinquent loans were 8.72%.
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