The National Credit Union Administration took St. Paul Croatian Federal Credit Union under conservatorship on Friday because of the $250 million-asset institution's declining financial condition.

The credit union, the largest taken over in Ohio in at least a decade, was chartered in 1943. It serves members of the St. Paul's Croatian Parish in Cleveland.

This is the third credit union and the second federally chartered credit union to be taken over this year. Five credit unions have failed this year.

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