ALEXANDRIA, Va. (12/15/14)--Detroit-based Health One CU has been liquidated by the Michigan Department of Insurance and Financial Services (MDFIS), the National Credit Union Administration announced Friday.
New England FCU, Williston, Vt., with $1 billion in assets, has assumed Health One's members, assets, shares and selected loans.
MDFIS made the decision to liquidate Health One CU and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations, according to the NCUA. MDFIS had previously placed Health One into conservatorship on May 16.
Health One CU was chartered in 1957 and served employees of the Blue Cross Blue Shield organizations as well as persons residing, working, worshipping, volunteering and attending school in Michigan's Macomb, Oakland, Washtenaw and Wayne counties. It served 3,664 members and had assets of approximately $14.5 million.
New England FCU serves approximately 91,394 members, according to the credit union's most recent call report.
Health One CU is the 11th federally insured credit union liquidation in 2014, according to the NCUA.