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Jan. 22, 2014 – NCUA last night announced it liquidated Bagumbayan CU, a Chicago-based credit union it placed conservatorship last month.

Great Lakes CU, North Chicago, immediately assumed Bagumbayan's members and deposits. Great Lakes is a federally insured, state-chartered credit union that serves more than 54,000 members and has assets of more than $626 million, according to its most recent call report. Great Lakes CU has been operating Bagumbayan under a management agreement with NCUA since the conservatorship, the agency said.

NCUA, with approval from the Illinois Department of Financial and Professional Regulation, made the decision to liquidate Bagumbayan CU and discontinue its operations to protect the credit union from continued financial deterioration. At liquidation, the credit union had 44 members and reported $55,140 in assets. It was the first federally insured credit union liquidated this year.