CLEVELAND State regulators this afternoon shuttered Taupa Lithuanian CU, a $23.6 million credit union, and appointed NCUA has liquidating agent for the year’s 12th credit union failure.
NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week.
The Ohio Division of Financial Institutions made the decision to liquidate the one-time $26 million credit union and discontinue its operations after determining the credit union had no prospect for restoring viable operations.
Taupa Lithuanian was chartered in 1984 to serve the Lithuanian communites of Cleveland and northeast Ohio and has 1,154 members.
This year's 12 failures include 11 involuntary liquidations and one assisted merger.
