DETROIT NCUA said this afternoon the Michigan Department of Insurance and Financial Services liquidated Craftsman CU and appointed the federal credit union agency as liquidating agent for the one-time $44 million auto workers credit union, the year's 12th failure.
Security CU, the $365 million Flint, Mich., credit union, assumed Craftsman's members and deposits, as well 50% of its loans.
"This is a great opportunity for Security Credit Union to expand our reach, diversify our membership and continue to provide personalized, secure and convenient service to members across the region," said Christopher Estes, president of Security CU, which was also chartered as an auto workers credit union for Buick employees.
Craftsman, chartered in 1947 as a General Motors employees' credit union as Cadillac CU, served 6,403 members and had assets of $24.1 million in less than 1% net worth upon its closure.
The field of membership eventually grew to include all of Genesee, Lapeer, Livingston, Macomb, Oakland, Saginaw, Shiawassee, Washtenaw and Wayne counties, which Security CU will now add to its FOM.
Craftsman CU reported a $2.1 million loss for the first six months of 2013, a $780,000 loss for 2012 and $2.5 million loss for 2011.