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.

 

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