Member Deposits Remain Protected to $250,000 by the Share Insurance Fund
(Sept. 6, 2013) – The Michigan Department of Insurance and Financial Services today liquidated Craftsman Credit Union of Detroit, MI, and appointed the National Credit Union Administration (NCUA) as liquidating agent.
Security Credit Union of Flint, MI., immediately assumed Craftsman’s members and deposits, as well as some loans. Security Credit Union is a federally insured, state-chartered credit union. The credit union serves 49,277 members and has assets of $367 million, according to its most recent Call Report.
The new Security Credit Union members will experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.
The Michigan Department of Insurance and Financial Services made the decision to liquidate Craftsman Credit Union and discontinue its operations after determining the state-chartered credit union was insolvent and had no prospect for restoring viable operations.
At the time of liquidation and subsequent purchase and assumption by Security Credit Union, Craftsman Credit Union served 6,403 members and had assets of $24.1 million, according to its most recent Call Report. Chartered in 1947, Craftsman Credit Union served a number of select groups centered primarily on the General Motors Corporation plants in Detroit.
Craftsman Credit Union is the twelfth federally insured credit union liquidated in 2013.