ALEXANDRIA, Va. — Detroit-based Health One CU Friday was liquidated by the Michigan Department of Insurance and Financial Services, with NCUA named as liquidating agent.
The $14 million credit union was placed into conservatorship in May with NCUA appointed as receiver, and the department elected to liquidate Health One and discontinue operations after determining insolvency with no prospect for restoring viable operations.
The credit union's most recent Call Report shows a loss of more than $651,000 for the first three quarters of 2014, with $868,000 in delinquent loans and more than $97,000 in chargeoffs year-to-date.
Upon liquidation, Health One's members, assets, shares and selected loans were assumed by Williston, Vt.-based New England FCU, a $1 billion credit union. Those accounts remain insured by NCUA up to $250,000 along with interest in all joint accounts combined up to $250,000.
Originally founded in 1957, Heath One served Blue Cross Blue Shield organizations, as well as persons who lived, worked or worshipped in several counties surrounding metro Detroit.
Health One is the eleventh credit union liquidation of 2014, and
