Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Bagumbayan CU closes: Great Lake CU assumes shares
ALEXANDRIA, Va. (1/22/14) --The National Credit Union Administration Tuesday, in its role as conservator, announced the liquidation of Bagumbayan CU of Chicago. It is the first federally insured credit union liquidated in 2014.
 
Last December, the NCUA and the Illinois Department of Financial and Professional Regulation assumed control of service and operations at Bagumbayan CU, and that action followed an October order that the credit union cease-and-desist allowing unapproved officials to attend board meetings or perform managerial and operational functions, and that it resolve recordkeeping issues and Bank Secrecy Act violations, and correct other issues.

Great Lakes CU of North Chicago, Ill., immediately assumed Bagumbayan's members and deposits Tuesday. Great Lakes is a federally insured, state-chartered credit union that serves more than 54,000 members and has assets of more than $626 million, according to the NCUA.

Great Lakes has been operating Bagumbayan under a management agreement with NCUA since Bagumbayan was placed into conservatorship.

NCUA, with approval from the Illinois Department of Financial and Professional Regulation, made the decision to liquidate Bagumbayan CU and discontinue its operations to protect the credit union from continued financial deterioration.

At the time of liquidation and subsequent purchase and assumption by Great Lakes, Bagumbayan CU served 44 members and had assets of $55,140, according to the NCUA. It was chartered in 1964, and provided limited financial services to members of the Bagumbayan community in Chicago.


RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
9 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
10 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
11 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
12 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
13 hours ago