ALEXANDRIA, Va. (7/16/13)--The Ohio Division of Financial Institutions liquidated the Taupa Lithuanian CU of Cleveland Monday and appointed the National Credit Union Administration as liquidating agent.
The Ohio regulator decided to close the $23.6 million-asset credit union and discontinue its operations after determining the credit union had no prospect for restoring viable operations. Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000.
Taupa Lithuanian had served 1,154 members and was chartered in 1984 to serve the Lithuanian community of Cleveland and Northeast Ohio.
NCUA's Asset Management and Assistance Center will issue correspondence to individuals holding verified share accounts in the credit union within one week.
Taupa Lithuanian CU is the 11th federally insured credit union liquidation in 2013.