The NCUA announced Tuesday that the State of Michigan Departmentof Insurance and Financial Services liquidated VeteransHealth Administration Credit Union of Detroit.
Members, assets, loans and shares of Veterans HealthAdministration Credit Union were assumed by the Romulus,Mich.-based Public Service Credit Union, which previously had assets of$156 million and 23,585 members, according to its latest CallReport. The NCUA was named the liquidating agent.
The Department of Insurance and Financial Services made thedecision to liquidate Veterans Health Administration CU anddiscontinue its operations after determining the credit union wasinsolvent with no prospect for restoring viable operations on itsown.
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