Wisconsin's Office of Credit Unions closed the Wisconsin Heights Credit Union of Ogema, Wisconsin and appointed NCUA as its liquidator.
The agency announced immediately that CoVantage Credit Union of Antigo, Wisconsin, will assume the members, assets and liabilities of Wisconsin Heights Credit Union.
CoVantage Credit Union serves the people who live or work in the Wisconsin counties of Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menominee, Oconto, Oneida, Outagamie, Portage, Shawano, Waupaca and Wood; or Dickinson and Iron counties in Michigan. CoVantage Credit Union has $861 million in assets and serves over 62,000 members.
CoVantage Credit Union is a full-service credit union with eight branches in Wisconsin and two branches in the Upper Peninsula of Michigan.
The agency said cited the CU's “declining financial condition” for its closure and subsequent purchase and assumption. At closure, Wisconsin Heights Credit Union had $713,000 in assets and served 501 members.