ALEXANDRIA, Va. (2/20/14)--Central Minnesota CU, Melrose, Minn., has assumed the members, assets, shares and loans of St. Francis Campus CU after that Little Falls, Minn. credit union was liquidated last week.
The National Credit Union Administration announced the credit union closure last week.
St. Francis Campus CU was liquidated after the Minnesota Department of Commerce determined it was insolvent with no prospect for restoring viable operations on its own.
Central Minnesota CU CEO Rick Odenthal told the St. Cloud Times that an investigation by the NCUA, MDC, Little Falls Police Department and the Federal Bureau of Investigation uncovered irregularities at the credit union.
St. Francis Campus CU, which was chartered in 1963 to serve employees of the St. Francis Campus, their relatives and employees of the credit union, served 3,400 members and held $51 million in assets when it was shuttered.
St. Francis Campus Credit Union is the second federally insured credit union liquidation in 2014.
Former St. Francis Campus members will become Central Minnesota CU members, and they will experience no interruption in services. Their accounts will remain federally insured by the National Credit Union Share Insurance Fund up to $250,000, the NCUA said.
Central Minnesota CU is a federally insured, state-chartered credit union with 52,000 members and $759 million in assets.