February 18, 2014

NCUA liquidates state-chartered CU

Feb. 19, 2014 – NCUA on Friday liquidated St. Francis Campus CU of Little Falls, Minn., and approved the assumption of the institution's members, assets, shares and loans by Central Minnesota CU of Melrose, Minn.

St. Francis is the second federally insured credit union liquidated this year, NCUA said.

The credit union, chartered in 1963, served employees of the St. Francis Campus, as owned by the Franciscan Sisters, their relatives and employees of the credit union. It had $51 million in assets and 3,400 members at the time of the liquidation and subsequent purchase. The decision to liquidate came from the Minnesota Department of Commerce, which named NCUA the receiver.