A state-chartered, federally insured credit union in Warren, Mich., that was placed in conservatorship in late February was merged Friday into another credit union, the federal regulator of credit unions said.
Ukrainian Future Credit Union was placed into conservatorship Feb. 23 by the Michigan Department of Insurance and Financial Services due to unsafe and unsound practices, according to the National Credit Union Administration (NCUA). The two agencies worked together on the safety and soundness issues and determined that merging the institution into Selfreliance Ukrainian American Federal Credit Union, of Chicago, Ill., was in the best interests of the members, NCUA said.
Selfreliance Ukrainian American FCU, prior to the merger, had 20,359 members and assets of $485.9 million, according to its most recent call report. Ukrainian Future CU, at the time of the merger, had 3,652 members and $77.9 million in assets.
Ukrainian Future Credit Union was chartered in 1961 and served members of the Future Ukrainian-American Aid Association of Detroit.