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.
American Share Insurance said it was appointed the liquidating agent of Bensenville Community CU when the Illinois Division of Financial Institution ordered the credit union to be closed, also on July 31.
When the DFI issued a suspension of operations order June 16, it also appointed Credit Union 1 President/CEO Paul Simons the manager/trustee of Bensenville Community CU allowing it to operate until a merger partner could be found.
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