ALEXANDRIA, Va. (8/2/12)--TruStone Financial FCU, Plymouth, Minn., has purchased and assumed the members, deposits, core facilities, and consumer loans of A M Community CU, Kenosha, Wis., the National Credit Union Administration (NCUA) announced on Wednesday.
The Wisconsin Office of Credit Unions and NCUA moved to liquidate the Kenosha credit union after it failed to resolve its financial issues. The credit union was placed into NCUA conservatorship in February.
A M Community, which held $121.8 million in assets and served 15,993 members, was chartered in 1933 and served Chrysler Corporation employees and residents of Kenosha and Racine counties. It is the seventh federally insured credit union to be liquidated this year, the NCUA said.
Members of A M Community CU will now be served by TruStone Financial, and will receive no interruption in service. TruStone Financial holds $739 million in assets and has more than 60,000 members. The credit union serves members that live, work, worship, or go to school in the cities of Minneapolis and St. Paul, Minn., and other members of select employer groups.