The Minnesota Department of Commerce on Friday appointed the National Credit Union Administration as receiver of $51 million St. Francis Campus Credit Union of Little Falls, Minn.
The NCUA said that Central Minnesota Credit Union of Melrose, Minn., has immediately assumed St. Francis Campus CU's members, assets, shares and loans.
The state DOC said it made the decision to liquidate and discontinue St. Francis Campus CU's operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own.
The credit union's most recent call report, however, indicated a 10.84% net worth, 0.29% loan delinquencies and no charge offs as of Dec. 31. The CU also reported a $482,016 net profit for 2013.
As the receiver, the NCUA will act as the liquidating agent for St. Francis Campus CU, which served 3,400 members
Members of St. Francis Campus CU will become members of Central Minnesota CU, a federally insured, state-chartered credit union with assets of $759 million and 52,000 members.
Chartered in 1963, St. Francis Campus Credit Union served employees of the St. Francis Campus, as owned by the Franciscan Sisters, their relatives and employees of the credit union.
St. Francis Campus CU is the second federally insured credit union liquidation in 2014. The NCUA shuttered tiny $55,000 Bagumbayan Credit Union of Chicago in January.