ALEXANDRIA, Va. (9/9/13)--Craftsman CU, Detroit, has been liquidated by the Michigan Department of Insurance and Financial Services. Michigan authorities appointed the National Credit Union Administration as liquidating agent.
The credit union was liquidated after the Michigan Department of Insurance and Financial Services determined it was insolvent, and had no prospect for restoring viable operations. Craftsman CU members, deposits and some loans have been assumed by Security CU, Flint, Mich.
The new Security Credit Union members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000, the NCUA noted.
Security CU serves 49,277 members and holds $367 million in assets. Craftsman was chartered in 1947 and served select employee groups related to General Motors Corporation plants in Detroit. The credit union held $24.1 million in assets from 6,403 members when it was liquidated.
For the full NCUA release, use the resource link.