The Minnesota Department of Commerce on Friday closed St. Francis Campus Credit Union and appointed the NCUA receiver and liquidating agent of the $51 million Little Falls, Minn.-based institution.

The $759 million Central Minnesota Credit Union of Melrose, Minn., assumed St. Francis Campus's 3,400 members, assets, shares and loans.

The Minnesota Department of Commerce made the decision to liquidate St. Francis Campus CU and discontinue its operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own.

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Regulatory & Compliance