ALEXANDRIA, Va. (8/10/12)--United Catholic CU (UCCU), with 200 members and about $303,000 in deposits, became the eighth federally insured credit union to be liquidated this year. The Michigan Office of Financial Insurance Regulation (OFIR) appointed the National Credit Union Administration (NCUA) as liquidating agent when it closed the Temperance, Mich. credit union Thursday.
The NCUA's Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week. UCCU member deposits are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000.
An OFIR examination found that UCCU was operating in an unsafe and unsound manner and was insolvent, according to an agency announcement.
UCCU, federally insured, state-chartered credit union, was chartered in 1961 and served members belonging to Catholic parishes in the Temperance/Erie area. It had one branch.
Former UCCU members with questions about their insurance coverage may contact the NCUA's Consumer Service hotline toll-free at 800-755-1030, Monday through Friday between 8 a.m. and 5 p.m. (ET). Individuals may also visit the MyCreditUnion.gov website for more information about NCUSIF insurance coverage.