The NCUA announced Tuesday that the State of Michigan Departmentof Insurance and Financial Services liquidated VeteransHealth Administration Credit Union of Detroit.

Members, assets, loans and shares of Veterans HealthAdministration Credit Union were assumed by the Romulus,Mich.-based Public Service Credit Union, which previously had assets of$156 million and 23,585 members, according to its latest CallReport. The NCUA was named the liquidating agent.

The Department of Insurance and Financial Services made thedecision to liquidate Veterans Health Administration CU anddiscontinue its operations after determining the credit union wasinsolvent with no prospect for restoring viable operations on itsown.

The new members of Public Service should experience nointerruption in services, and their accounts remain federallyinsured by the National Credit Union Share Insurance Fund, the NCUAsaid. Administered by the NCUA, the Share Insurance Fund insuresindividual accounts up to $250,000, and a member's interest in alljoint accounts combined is insured up to $250,000. The ShareInsurance Fund separately protects IRA and KEOGH retirementaccounts up to $250,000. The Share Insurance Fund has the backingof the full faith and credit of the United States.

Members with questions about their loan and share accounts maycontact Public Service at 734-641-6335 Monday through Friday from 8a.m. to 7 p.m. Eastern Time and Saturday from 9 a.m. to 1 p.m.Eastern. Members also may visit the Share Insurance section of theNCUA's MyCreditUnion.gov website at any time for more informationabout their insurance coverage.

Veterans Health Administration CU, which was chartered in 1954,primarily served employees of the Detroit and Ann Arbor VeteransAdministration Medical Centers. According to the credit union'smost recent Call Report, Veterans Health Administration CU served1,297 members and had assets of $2 million at the time ofliquidation.

Veterans Health Administration CU is the fourth federallyinsured credit union to be liquidated in 2016.