Bensenville Community CU volunteers accuse ASI, state regulators and its acquiring credit union of conflict of interest and cronyism.
Less than six weeks after it was declared insolvent and ordered by state regulators to suspend its operations, the loans, deposits and other assets of the $14 million Bensenville Community Credit Union in Illinois were purchased by the $756 million Credit Union 1 in Rantoul, Ill.
ASI liquidates the $14M Illinois institution after declaring it insolvent.
Conditions and underlying trends varied widely last week for the mergers of two small credit unions in Illinois and Wyoming.
Illinois-based Credit Union 1, one of the leaders among privately insured CUs in the merger market, is ready to take over its third, small struggling CU in a year.