Saying the financial institution is "insolvent and has no prospects for restoring viable operations,'' the NCUA on Wednesday liquidated the Hmong American Federal Credit Union of St. Paul, Minn., the eighth liquidation of a federally insured credit union this year.
The NCUA had conserved the $2.7 million credit union on May 4 and moved its office into an office of $550 million Spire Credit Union about two miles away.
On May 6, the NCUA named consultant and former Minnesota Corporate FCU senior vice president Pamela Jorgenson as Hmong American's interim CEO.
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