Health One Closes, New England Federal Assumes Shares, Assets, Loans

Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund

 

Dec. 12, 2014 - The Michigan Department of Insurance and Financial Services today liquidated Health One Credit Union of Detroit, MI and named the National Credit Union Administration as liquidating agent.

 

New England Federal Credit Union of Williston, VT, immediately assumed Health One Credit Unionís members, assets, shares and selected loans. New England Federal is a federal credit union with assets of $1 billion and 91,394 members, according to the credit unionís most recent Call Report.

 

The new New England Federal Credit Union members should experience no interruption in services. Members with questions about their accounts may contact New England Federal Credit Union at 800-400-8790 Monday through Friday from 8 a.m. to 6 p.m., Eastern.

 

Accounts of the new New England Federal members remain 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. Individuals may visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.

 

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 Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations.

 

Chartered in 1957, Health One Credit Union was a federally insured, state-chartered credit union serving employees of the Blue Cross Blue Shield organizations as well as persons residing, working, worshipping, volunteering and attending school in Michiganís Macomb, Oakland, Washtenaw and Wayne counties. Health One Credit Union served 3,664 members and had assets of approximately $14.5 million, according to the credit unionís most recent Call Report.

 

Health One Credit Union is the eleventh federally insured credit union liquidation in 2014.

 

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