Member Deposits Protected up to $250,000; Member Service Continues Uninterrupted
(May 18, 2012) Ė The Wisconsin Office of Credit Unions liquidated Wausau Postal Employees Credit Union of Wausau, Wis., today and appointed the National Credit Union Administration (NCUA) as liquidating agent. NCUA immediately signed an agreement with CoVantage Credit Union of Antigo, Wis., to purchase and assume Wausau Postal Employees Credit Unionís assets, liabilities, and membership.
The accounts of the new CoVantage Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new CoVantage Credit Union members will experience no interruption in services.
CoVantage Credit Union is a full-service, federally insured, state-chartered credit union with $1 billion in assets and more than 74,000 members. CoVantage Credit Union serves the people who live or work in Wisconsinís Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menominee, Oconto, Oneida, Outagamie, Portage, Shawano, Taylor, Waupaca, and Wood counties or in Michiganís Dickinson and Iron counties.
Wausau Postal Employees Credit Unionís declining financial condition led to its closure and subsequent purchase and assumption. At the time of liquidation, the credit union served 845 members and had $8.4 million in assets.
Chartered in 1932, Wausau Postal Employees Credit Union served all postal and federal employees and their families in the 544 and 545 zip codes. Wausau Postal Employees Credit Union is the fourth federally insured credit union liquidation in 2012.