Operations Of Tiny Illinois CU Are Suspended As Trustee is Appointed

CHICAGO—The Illinois Division of Financial Institutions has suspended the operations of St. Elizabeth's Credit Union for 60 days in an order issued on August 9.
The Division of Financial Institutions found that the credit union was in danger of insolvency, reported Keith Leggett, the former senior vice president and senior economist at the ABA, on his Credit Union Watch blog.
“The order noted there were serious financial and management deficiencies at the credit union and that the true financial condition of the credit union could not be ascertained,” Leggett stated.
The credit union has 196 members and less than $125,000 in assets. Northstar Credit Union was appointed as Manager-Trustee, Leggett said.