The $14.5 million Health One Credit Union's members, assets, shares and selected loans have been assumed by the $1 billion New England Federal Credit Union in Williston, Vt., according to the NCUA.
The Michigan Department of Insurance and Financial Services liquidated the Detroit-based Health One Dec. 12 and named the NCUA the liquidating agent.
Health One's net worth fell from 8.31% in Sept. 2013 to 1.39% in Sept. 2014, according to NCUA's most recent Financial Performance Report.
Delinquent loans increased from 1.39% to 10.47% during the same period. Net charge-offs stood at 1.12% in September 2013 and fell to 1.23% a year later.
The Department of Insurance and Financial Services placed Health One into conservatorship in May.
“The Department made the decision to liquidate Health One Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations,” the NCUA said.
Chartered in 1957, Health One served 3,664 members including employees of the Blue Cross Blue Shield organizations as well as persons living, working, volunteering, worshipping and attending school in Macomb, Oakland, Washtenaw and Wayne counties.
The credit union is the 11th federally insured credit union liquidation this year, according to regulators.
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