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February 08, 2016

CTK CU, under $200K, closes

The tiny CTK Credit Union of Milwaukee was served an order of liquidation Friday by the Wisconsin Office of Credit Unions and NCUA was appointed as the liquidating agent.

CTK was a federally insured, state-chartered credit union that served 397 members and had assets of $163,197, according to its latest call report. The credit union, chartered in 2004, served congregants of Christ the King Baptist Church of Milwaukee.

NCUA said its Asset Management and Assistance Center will issue correspondence soon to members holding verified share accounts at CTK CU. The Wisconsin Office of Credit Unions decided to liquidate CTK after determining the credit union was insolvent and unable to return to viable operations.

CTK CU is the first federally insured credit union liquidated in 2016.