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North Dakota-based Midwest Corporate has shut its doors, choosing to liquidate rather than attempt to meet toughened NCUA financial yardsticks. The closure was widely anticipated, as many of the corporate’s members had shifted their correspondent services to ProDraft Services, a Bismarck ND CUSO helmed by Doug Wolf, the former CEO of Midwest Corporate.

Midwest Corporate’s slide into extinction had begun when it lost some $13 million in capital in the failure of U.S. Central, suggested Wolf, who said closure allows Midwest to return whatever capital remains to members, which then are free to take their business elsewhere.

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