Member Deposits Insured up to $250,000; Member Services Uninterrupted
Dec. 12, 2013-- The National Credit Union Administration, in cooperation with the Illinois Department of Financial and Professional Regulation, today assumed control of service and operations at Bagumbayan Credit Union in Chicago.
Normal member services will continue uninterrupted through a management agreement between NCUA and Great Lakes Credit Union of North Chicago. During the conservatorship, NCUA will work to resolve issues affecting the institutionís safety and soundness.
Deposits at Bagumbayan Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at Bagumbayan Credit Union up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
Chartered in 1964, Bagumbayan Credit Union is a federally insured, state-chartered credit union with 44 members and $55,140 in assets, according to the credit unionís most recent Call Report. The credit union provides limited financial services to members of the Bagumbayan community.
Great Lakes Credit Union is a federally insured, state-chartered credit union with more than 54,000 members and more than $626 million in assets.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect membersí interests or protect the Share Insurance Fund. Bagumbayan Credit Union is the fifth federally insured credit union placed into conservatorship during 2013.