Merger announcement.
The Ukrainian Future Credit Union, of Warren, Michigan, has merged into Selfreliance Ukrainian American Federal Credit Union, of Chicago, Illinois, the NCUA announced today.
Before the merger was announced, the Selfreliance Ukrainian American Federal Credit Union had 20,359 members, with assets of $485.9 million, according to the credit union's most recent call report.
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Ukrainian Future Credit Union was a federally insured, state-chartered credit union with 3,652 members and assets of $77.9 million before the merger, according to the credit union's most recent call report. The Ukrainian Future Credit Union served members of the Future Ukrainian-American Aid Association of Detroit.
The Michigan Department of Insurance and Financial Services placed Ukrainian Future Credit Union into conservatorship on Feb. 23 and appointed the National Credit Union Administration as conservator.
In working on safety and soundness issues, the two agencies determined that merging Ukrainian Future Credit Union into Selfreliance Ukrainian American Federal Credit Union was in the best interests of the members.
At the time of the conservatorship announcement, Michigan's DIFS Director Patrick McPharlin determined conservatorship of the Ukrainian Future CU was "necessary to protect the public interest," but he did not specifically say why the cooperative was placed into conservatorship. In the NCUA's prepared statement distributed late Friday morning, Ukrainian Future was conserved because of unspecified "unsafe and unsound practices."
Ukrainian Future's last call report under NCUA conservatorhip shows it shed more than a third of its members from March 31 to June 30. The NCUA made no mention of the loss of 2,016 members in its news release.
Ukrainian Future had $331,342 in net losses for the six months that ended June 30, compared with a gain of $99,177 in 2017′s first half.
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