The NCUA announced Tuesday that the State of Michigan Department of Insurance and Financial Services liquidated Veterans Health Administration Credit Union of Detroit.
Members, assets, loans and shares of Veterans Health Administration Credit Union were assumed by the Romulus, Mich.-based Public Service Credit Union, which previously had assets of $156 million and 23,585 members, according to its latest Call Report. The NCUA was named the liquidating agent.
The Department of Insurance and Financial Services made the decision to liquidate Veterans Health Administration CU and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.
The new members of Public Service should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund, the NCUA said. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their loan and share accounts may contact Public Service at 734-641-6335 Monday through Friday from 8 a.m. to 7 p.m. Eastern Time and Saturday from 9 a.m. to 1 p.m. Eastern. Members also may visit the Share Insurance section of the NCUA's MyCreditUnion.gov website at any time for more information about their insurance coverage.
Veterans Health Administration CU, which was chartered in 1954, primarily served employees of the Detroit and Ann Arbor Veterans Administration Medical Centers. According to the credit union's most recent Call Report, Veterans Health Administration CU served 1,297 members and had assets of $2 million at the time of liquidation.
Veterans Health Administration CU is the fourth federally insured credit union to be liquidated in 2016.
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