ALEXANDRIA, Va. (12/4/14)--Detroit-based Metropolitan Church of God CU has been liquidated, and the National Credit Union Administration will serve as the liquidating agent, the agency announced Wednesday.
The credit union was closed by the Michigan Department of Insurance and Financial Services (MDIFS).
According to the NCUA, MDIFS made the decision to liquidate the credit union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Originally chartered in 1971, Metropolitan Church of God CU was a state-chartered, federally insured credit union that served 191 members and had assets of $141,494, according to the credit union's most recent call report. The credit union served registered members of the Metropolitan Church of God in Detroit.
The NCUA's Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union.
Metropolitan Church of God CU is the 10th federally insured credit union liquidation in 2014, according to the NCUA.