Tiny Chicago credit union first to be liquidated in 2018

A $140,000 credit union serving fewer than 200 members was liquidated Tuesday by the Illinois Department of Financial and Professional Regulation (IDFPR); the National Credit Union Administration (NCUA) was named liquidating agent.

St. Elizabeth’s Credit Union of Chicago — whose deposits were federally insured — was the first credit union to be liquidated in 2018.

The NCUA said Northstar Credit Union, of Warrenville, Ill., assumed most of St. Elizabeth’s Credit Union’s members, assets and loans. Northstar is a federally insured, state-chartered credit union with assets of $165 million serving 14,756 members, NCUA said.

The agency noted that the liquidation followed a 60-day suspension period, in which the IDFPR determined that St. Elizabeth’s should be liquidated. The credit union was chartered in 1944 and served the parish of St. Elizabeth’s Catholic Church in Chicago.

St. Elizabeth’s Credit Union Closes; Northstar Credit Union Assumes Most Shares and Purchases Loans