The State of Michigan Department of Insurance and Financial Servicesliquidated, and discontinued the operations of, Detroit-based Veterans Health Administration Credit Union on March 29 afterdetermining that the credit union was insolvent and could not restore viable operationson its own, according to a National Credit Union Administration news release.
And Romulus, Mich.-based PublicService Credit Union immediately assumed Veterans Health AdministrationCU's members, assets, loans and shares. The state-chartered credit union had $156million in assets and 23,585 members, as of its most recent call report.
The regulator named the NCUA as liquidating agent.
Veterans Health Administration CU is the fourth federally insuredcredit union liquidation in 2016.