The $116,449 St. Elizabeth's Credit Union in Chicago became the first credit union liquidation of 2018, the NCUA said Tuesday.
Following a 60-day suspension last fall, the Illinois Department of Financial and Professional Regulation determined that the credit union should be liquidated.
CU Times reported in October that a state examination uncovered several issues including missing loan documents, a high delinquency loan ratio and bookkeeping discrepancies. State examiners also determined that St. Elizabeth CU paid dividends even though there was not a legal board quorum to vote on whether to distribute the dividends.
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