ALEXANDRIA, Va,.--The $14.5 million Health One Credit Union was liquidated Friday by the Michigan Department of Insurance and Financial Services. NCUA was named as the liquidating agent.
The Detroit-based Health One is the eleventh federally insured credit union liquidation in 2014.
The $1-billion New England Federal Credit Union of Williston, Vt., has assumed Health One's members, assets, shares and selected loans.
The Department of Insurance and Financial Services placed Health One Credit Union into conservatorship on May 16, 2014, and appointed NCUA as receiver. The Department made the decision to liquidate Health One and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations.
Health One lost $1.3 million in 2013 and $651,309 through September of this year.
Chartered in 1957, Health One served employees of Blue Cross Blue Shield as well as persons residing, working, worshipping, volunteering and attending school in Michigan’s Macomb, Oakland, Washtenaw and Wayne counties. The CU served 3,664 members.
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