ALEXANDRIA, Va. — NCUA Friday, along with the Ohio Division of Financial Institutions, liquidated Polish Combatants CU in Bedford, Ohio, the 13th CU liquidation of 2013.
Chartered in 1957, the CU had only 52 members and $120,000 in assets at the time of liquidation. The CU was originally chartered in 1957 to serve Polish veterans of World War II.
All members' deposits are insured up to $250,000 by the Share Insurance Fund.
According to its most recent call report, Polish Combatants had only 23 loans on its books — all unsecured lines of credit — totaling just over $17,000. It had a net income for 2012 of just $1,557. It most recently had a net worth ratio of 12.85%, or "well capitalized."
A statement from NCUA said the Ohio DFI made the decision to liquidate the small CU after determining that it had "no prospect for restoring viable operations."
