ALEXANDRIA, Va.—Metropolitan Church of God CU in Detroit has been liquidated by the Michigan Department of Insurance and Financial Services, with NCUA serving as liquidating agent.
The credit union had just $141,000 in assets and had already lost more than $1,000 for the year, following a similar loss in 2013. In 2012 it earned a net income of $736. As of its most recent Call Report, the credit union had just 16 loans on its books totaling $42,000. All but one of those loans were for lines of credit, with the remaining loan for a new auto.
It had zero delinquencies and was "Well Capitalized" with a net worth ratio of 7.38%.
According to a statement from NCUA, Michigan regulators made the decision to liquidate the credit union and discontinue operations after determining that the institution was insolvent with no prospect for restoring viable operations.
Metropolitan Church of God CU was chartered in 1971 and served members of the Metropolitan Church of God in Detroit. The credit union's 191 members' deposits are protected by the Share Insurance Fund up to $250,000.
This is the tenth federally insured CU to be liquidated this year.