ALEXANDRIA, Va.—The State of Michigan Department of Insurance and Financial Services Tuesday liquidated the $2-million Veterans Health Administration Credit Union of Detroit and named the National Credit Union Administration as liquidating agent, NCUA reported.
The $156-million Public Service Credit Union of Romulus, Mich., immediately assumed VHACU’s members, assets, and loans and shares, NCUA stated.
The Department of Insurance and Financial Services made the decision to liquidate Veterans Health Administration CU and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.
Chartered in 1954, VHACU primarily served employees of the Detroit and Ann Arbor Veterans Administration Medical Centers. At the time of liquidation, the tiny CU served 1,297 members.