Milwaukee Credit Union Is Year’s First Failed Financial Institution

13047_closed Milwaukee Credit Union Is Year's First Failed Financial Institution The year's first closure of a financial institution has been announced: The Wisconsin Office of Credit Unions liquidated Milwaukee-based New Covenant Missionary Baptist Church Credit Union and appointed the National Credit Union Administration as liquidating agent.

The Wisconsin Office of Credit Unions made the decision to liquidate New Covenant after determining the credit union was in an unsafe and unsound condition to transact its business and had no prospect of restoring viable operations. Originally chartered in 1982, the credit union served 294 members of the New Covenant Missionary Baptist Church and related groups and had assets of approximately $585,000.

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