A 396-member credit union serving a church in Detroit was liquidated Tuesday by Michigan’s financial institutions regulator. The National Credit Union Administration (NCUA) was appointed liquidating agent of the state-chartered, federally insured credit union.
The Michigan Department of Insurance and Financial Services made the decision to liquidate the Greater Christ Baptist Church Credit Union and discontinue its operations after determining the credit union was in an unsafe and unsound condition.
Greater Christ Baptist Church Credit Union was originally chartered in 1957. Its latest call report showed it had 396 members and assets of $608,330, NCUA said. The credit union served members of Greater Christ Baptist Church in Detroit, employees of the credit union, and related parties.