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Kansas regulator takes over Enterprise CU
TOPEKA, Kan. (8/19/11)--The Kansas Department of Credit Unions (KDCU) has taken control of $1.8 million asset Enterprise (Kan.) CU and ordered a fraud audit, the agency reported. The credit union's board of directors transferred control voluntarily on Aug. 12 to KDCU after a routine, annual examination that began Aug. 8, the agency told the Wichita Eagle (Aug. 17). It is uncertain how long the audit will take, KDCU Administrator John Smith said, adding that a decision on the credit union's future will be made after the audit report. Depending on the report, the credit union's future could include either liquidation or a merger, he said. The community credit union has 592 members. Members' deposits are insured up to $250,000 per account, and members can conduct transaction as usual, the agency said.


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