The Michigan Department of Insurance and Financial Services today liquidated the Greater Christ Baptist Church Credit Union of Detroit and appointed the National Credit Union Administration as its liquidating agent.
DIFS elected to liquidate the credit union and discontinue its operations after determining it was in an “unsafe and unsound condition.”
Originally chartered in 1957, the credit union was a federally insured, state-chartered credit union serving 396 members with assets of $608,330. The credit union served members of Greater Christ Baptist Church in Detroit, employees of the credit union and related parties.
Member deposits are federally insured by the National Credit Union Share Insurance Fund, which is administered by NCUA and which insures individual accounts up to $250,000.
Greater Christ Baptist Church marks the fourth federally insured credit union to be liquidated so far in 2018. Earlier this year, Louisville Metro Police Officers Credit Union of Louisville, Ky., First Jersey Credit Union of Wayne, N.J. and St. Elizabeth’s Credit Union of Chicago were all liquidated.
Greater Christ Baptist Church CU posted net losses of $26,575, $17,300 and $4,853, respectively, in the past three calendar years. It lost $2,550 during the first quarter of 2018, the most recent information available.