ALEXANDRIA, Va.—The Wisconsin Office of Credit Unions Friday served an order of liquidation on tiny CTK Credit Union of Milwaukee and immediately appointed the NCUA as liquidating agent.
The state regulator made the decision to liquidate CTK and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
NCUA said its Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at CTK.
CTK Credit Union served 397 members and had assets of $163,197. Chartered in 2004, CTK served congregants of Christ the King Baptist Church of Milwaukee.
CTK Credit Union is the first federally insured credit union liquidation in 2016.