MILWAUKEE The Wisconsin Office of CUs liquidated New Covenant Missionary Baptist Church CU yesterday and appointed NCUA to liquidate the year’s first credit union failure.
New Covenant was chartered in 1982. It had just 294 members and $585,000 in assets. It served members of the New Covenant Missionary Baptist Church and related groups at the time of closure.
The state regulator decide to shutter the tiny credit union after determining it was in an unsafe and unsound condition to transact its business and had no prospect of restoring viable operations.