Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund
March 29, 2016 - The State of Michigan Department of Insurance and Financial Services today liquidated of Detroit, MI and named the National Credit Union Administration as liquidating agent.
Public Service Credit Union of Romulus, MI, immediately assumed Veterans Health Administration Credit Unionís members, assets, and Veterans Health Administration Credit Unionloans and shares. Public Service Credit Union is a federally insured, state-chartered credit union with assets of $156 million and 23,585 members, according to the credit unionís most recent Call Report.
The new members of Public Service Credit Union should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a memberís interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their loan and share accounts may contact Public Service Credit Union at 734-641-6335 Monday through Friday from 8 a.m. to 7 p.m. Eastern and Saturday from 9 a.m. to 1 p.m. Eastern. Members also may visit the Share Insurance section of NCUAís MyCreditUnion.gov website at any time for more information about their insurance coverage.
The Department of Insurance and Financial Services made the decision to liquidate Veterans Health Administration Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.
Chartered in 1954, Veterans Health Administration Credit Union primarily served employees of the Detroit and Ann Arbor Veterans Administration Medical Centers. At the time of liquidation and subsequent purchase by Public Service Credit Union, Veterans Health Administration Credit Union served 1,297 members and had assets of $2 million, according to the credit unionís most recent Call Report.