CTK Credit Union, a tiny credit union based in Milwaukee, Wis., has been served an order of liquidation by the Wisconsin Office of Credit Unions, which immediately appointed NCUA as liquidating agent.
The order makes CTK CU the first federally-insured credit union to be liquidated in 2016, NCUA noted.
The decision to liquidate CTK CU came after state regulators determined the credit union was insolvent and "had no prospect for restoring viable operations."
According to its latest Call Report, CTK CU served 397 members and had assets of $163,197. Originally chartered in 2004, CTK CU served congregants of Christ the King Baptist Church of Milwaukee.
The credit union posted a net loss of $2,490 for 2016.
NCUA said member deposits are federally insured by the National Credit Union Share Insurance Fund – which is administered by NCUA and insures individual accounts up to $250,000, and a member's interest in all joint accounts combined is insured up to $250,000.
NCUA's Asset Management and Assistance Center will issue correspondence "in the near future" to members holding verified share accounts at CTK Credit Union.
