DETROIT — Tiny Veterans Health Administration Credit Union was liquidated by the State of Michigan Department of Insurance and Financial Services on Tuesday.
This is the fourth credit union to be liquidated this year, following the closing of Education Associations Federal Credit Union in Washington earlier this month.
The Department of Insurance and Financial Services said it made the decision to liquidate $2 million-asset Veterans Health Administration and discontinue its operations after determining the credit union was "insolvent with no prospect for restoring viable operations on its own."
The National Credit Union Administration was named liquidating agent, and Public Service Credit Union of Romulus, Mich., immediately assumed Veterans Health Administration CU's members, assets, loans and shares.
Public Service Credit Union is a federally insured, state-chartered institution with assets of $156 million and 23,585 members, according to its most recent Call Report.
Chartered in 1954, Veterans Health Administration Credit Union primarily served employees of the Detroit and Ann Arbor Veterans Administration Medical Centers.
At the time of liquidation and subsequent purchase by Public Service CU, Veterans Health Administration Credit Union served 1,297 members, according to its most recent Call Report.
