Louisville Metro Police Officers Credit Union, Louisville, Ky., was closed by the Kentucky Department of Financial Institutions Friday.
According to officials, the decision to liquidate Louisville Metro Police Officers Credit Union and discontinue its operations was made after determining the credit union was “insolvent and had no prospect for restoring viable operations.”
Louisville Metro Police Officers Credit Union is the third federally insured credit union liquidation in 2018, the National Credit Union Administration reported.
The Kentucky DFI appointed the National Credit Union Administration as liquidating agent of the shuttered credit union. NCUA said Commonwealth Credit Union, Frankfort, Ky., immediately assumed Louisville Metro Police Officers Credit Union’s membership, shares, loans and all other assets.
At the time of liquidation and subsequent purchase by Commonwealth Credit Union, Louisville Metro Police Officers Credit Union served 3,349 members and had assets of approximately $20 million, according to the credit union’s most recent Call Report.
Commonwealth Credit Union is a federally insured, state-chartered credit union with 98,376 members and assets of $1,185,612,654, according to the credit union’s most recent Call Report.
NCUA said members of Louisville Metro Police Officers Credit Union now are members of Commonwealth Credit Union. The federal credit union regulator said these new Commonwealth CU members should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund.
Chartered in 1942, Louisville Metro Police Officers Credit Union served employees of the Louisville Police Department and other select employee groups, which include law enforcement personnel and their immediate family members, railroad personnel, and various warehouse and manufacturing personnel.
