Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
$24 Million-asset Craftsman CU Liquidated By NCUA
ALEXANDRIA, Va. (9/9/13)--Craftsman CU, Detroit, has been liquidated by the Michigan Department of Insurance and Financial Services. Michigan authorities appointed the National Credit Union Administration as liquidating agent.

The credit union was liquidated after the Michigan Department of Insurance and Financial Services determined it was insolvent, and had no prospect for restoring viable operations. Craftsman CU members, deposits and some loans have been assumed by Security CU, Flint, Mich.

The new Security Credit Union members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000, the NCUA noted.

Security CU serves 49,277 members and holds $367 million in assets. Craftsman was chartered in 1947 and served select employee groups related to General Motors Corporation plants in Detroit. The credit union held $24.1 million in assets from 6,403 members when it was liquidated.

For the full NCUA release, use the resource link.
Other Resources

NCUA Release
RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
21 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
22 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
22 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
1 Day ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
1 Day ago