ALEXANDRIA, Va.—NCUA Thursday liquidated Lakeside Federal Credit Union in Hammond, Ind.
The agency made the decision to liquidate the $9-million Lakeside and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
According to Call Report data, the CU lost money three of the last four years--dropping $70,902 in 2011, $27,07 in 2012 and $47,042 the following year. Lakeside made $27,587 in 2014, and showed $9,799 in net income through March.
Lakeside Federal Credit Union served 2,280 members. Chartered in 1950, Lakeside served members, employees and their families of the Trans Union Corporation in Lincolnshire and Chicago, as well as members, employees and their families of Union Tank Car Company, Trans Union Systems Corporation and several smaller employers in northwest Indiana.
Lakeside is the fifth federally insured credit union liquidation in 2015.