TEMPERANCE, Mich. – NCUA and the Michigan Office of Financial Insurance Regulation yesterday closed United Catholic CU, which had $300,000 in assets and 200 members.

The tiny credit union, which served Catholic parishes in the Temperance/Erie area, is the 16th credit union failure of 2012.

NCUA said an OFIR examination found the 52-year-old credit union was operating in an unsafe and unsound manner and was insolvent.


Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.