A Middletown, Ohio, credit union has been closed and its members and their accounts moved to a Cincinnati, Ohio, credit union, the federal regulator said Monday.
Butler Heritage Federal Credit Union (FCU) of Middletown was liquidated by the National Credit Union Administration (NCUA), the agency said. Membership and accounts were transferred to Cincinnati Ohio Police Federal Credit Union (COPFCU) of Cincinnati, the agency said.
NCUA said it decided to close Butler Heritage FCU – with 772 members and assets of about $9.7 million – after determining that insolvency was imminent, and the credit union had no prospect for restoring viable operations. The credit union had served persons who live, work, worship, or attend school in, and other legal entities located in, Butler County, Ohio.
COPFCU counts more than 10,000 members and holds assets of $173 million, NCUA said.
NCUA made the decision to liquidate Butler Heritage FCU and discontinue its operations after determining insolvency was imminent, and the credit union had no prospect for restoring viable operations. At the time of liquidation, Butler Heritage FCU served 772 members and had assets of approximately $9.7 million, according to the credit union’s most recent Call Report. Butler Heritage Federal Credit Union serves persons who live, work, worship, or attend school in, and other legal entities located in, Butler County, Ohio.
NCUA said the members of both credit unions “will experience no interruption in services and their accounts remain federally insured by the National Credit Union Share Insurance Fund” (NCUSIF), the federal insurance fund for credit union savings.
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