Member Deposits Remain Protected to $250,000 by the Share Insurance Fund
Jan. 21, 2014 – The National Credit Union Administration, in its role as conservator, today announced the liquidation of Bagumbayan Credit Union of Chicago.
Great Lakes Credit Union of North Chicago, Ill., immediately assumed Bagumbayan’s members and deposits. Great Lakes Credit Union is a federally insured, state-chartered credit union that serves more than 54,000 members and has assets of more than $626 million, according to its most recent Call Report. Great Lakes Credit Union has been operating Bagumbayan under a management agreement with NCUA since Bagumbayan was placed into conservatorship in December 2013.
The new Great Lakes 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.
NCUA, with approval from the Illinois Department of Financial and Professional Regulation, made the decision to liquidate Bagumbayan Credit Union and discontinue its operations to protect the credit union from continued financial deterioration.
At the time of liquidation and subsequent purchase and assumption by Great Lakes Credit Union, Bagumbayan Credit Union served 44 members and had assets of $55,140, according to its most recent Call Report. Chartered in 1964, Bagumbayan Credit Union provided limited financial services to members of the Bagumbayan community in Chicago.
Bagumbayan Credit Union is the first federally insured credit union liquidated in 2014.