ALEXANDRIA, Va. (5/21/12)--The Wisconsin Office of Credit Unions liquidated Wausau Postal Employees CU of Wausau, Friday and appointed the National Credit Union Administration (NCUA) as liquidating agent.
The NCUA and CoVantage CU immediately signed an agreement for the Antigo, Wis., to purchase and assume Wausau Postal Employees' assets, liabilities, and membership.
The new CoVantage 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.
CoVantage, afull-service, federally insured, state-chartered credit union, has $1 billion in assets and more than 74,000 members. CoVantage Credit Union serves the people who live or work in Wisconsin's Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menominee, Oconto, Oneida, Outagamie, Portage, Shawano, Taylor, Waupaca, and Wood counties or in Michigan's Dickinson and Iron counties.
It was Wausau Postal Employees' declining financial condition that led to its closure and subsequent purchase and assumption, according to an NCUA announcement. At the time of liquidation, the credit union served 845 members and had $8.4 million in assets.
Chartered in 1932, Wausau Postal Employees Credit Union served all postal and federal employees and their families in the 544 and 545 zip codes.
Wausau Postal Employees CU is the fourth federally insured credit union liquidation in 2012.