The NCUA has placed the $125 million AM Community Credit Union in conservatorship and assumed control of service and operations of the Kenosha, Wis., institution.
Deposits remain protected by the NCUSIF and the conservatorship of the state-chartered, federally insured credit union was executed in cooperation with the Wisconsin Office of Credit Unions, the NCUA said Friday night.
AM Community Credit Union has four locations, approximately 16,000 members and serves anyone who works for Chrysler Corp. or lives or works in Kenosha or Racine counties.
The conservatorship was the second by the NCUA so far in 2012.
“NCUA has made no decisions about the long-term future of the credit union. Continued service for the members of AM Community Credit Union, however, is a priority,” the agency said in a statement to members.