Bagumbayan CU conserved

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Dec. 16, 2013 – NCUA last week placed tiny Bagumbayan CU of Chicago, a federally insured, state-chartered credit union, in conservatorship.

Normal member services will continue uninterrupted through a management agreement between NCUA and Great Lakes CU of North Chicago, NCUA said. During the conservatorship, NCUA will work to resolve issues affecting Bagumbayan CU's safety and soundness.

Chartered in 1964, Bagumbayan CU has 44 members and $55,140 in assets, according to the credit union’s most recent call report. The credit union provides limited financial services to members of the Bagumbayan community.

The conservatorship was undertaken in cooperation with the Illinois Department of Financial and Professional Regulation, NCUA said.