KY credit union becomes third liquidated in 2018

Louisville Metro Police Officers Credit Union of Louisville, Ky., became the third federally insured credit union of 2018 to be liquidated Friday, following actions earlier this year against credit unions in New Jersey and Illinois.

The National Credit Union Administration (NCUA) said that the Kentucky Department of Financial Institutions named the federal agency the liquidating agent for the approximately $20 million credit union, counting about 3,300 members, after determining the credit union was insolvent and had no prospect for restoring viable operations.

The credit union had served employees of the Louisville Police Department “and other select employee groups, which include law enforcement personnel and their immediate family members, railroad personnel, and various warehouse and manufacturing personnel,” the agency said.

The credit union was first chartered in 1942.

NCUA said the closed credit union’s membership, shares, loans, and all other assets were being folded into Commonwealth Credit Union of Frankfort, Ky., a $1.2 billion institution with approximately 98,376 members.

The two other credit unions liquidated earlier this year were First Jersey Credit Union of Wayne, N.J., with more than 9,000 members and nearly $86 million in assets; and St. Elizabeth’s Credit Union of Chicago, with $140,000 in assets and fewer than 200 members.

In 2017, five credit unions were liquidated by the federal agency.

Louisville Metro Police Officers Credit Union Closes; Commonwealth Credit Union Assumes Members, Shares, and Loans