Kentucky regulators liquidated the Louisville Metro Police Officers Credit Union Friday after it had burned through $5.4 million in losses in its last two reported quarters as state and federal agents investigated allegations of internal theft.
The Kentucky Department of Financial Institutions on Friday appointed the NCUA as liquidating agent for the federally insured credit union, and it allowed Commonwealth Credit Union of Frankfort, Ky. ($1.2 billion in assets, 98,376 members) to acquire the Louisville credit union's 3,349 members, shares and $20 million in assets for terms that were not disclosed.
In the six months that ended March 31, the assets of Louisville Metro Police Officers CU fell nearly $7.7 million, or more than a quarter of their total. The decline included about $4.4 million in loans.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
