DETROIT–Greater Christ Baptist Church Credit Union here has been liquidated by the Michigan Department of Insurance and Financial Services, with NCUA named liquidating agent.
The Michigan Department of Insurance and Financial Services said it made the decision to liquidate the Greater Christ Baptist Church Credit Union and discontinue its operations after determining the credit union was in an unsafe and unsound condition.
The credit union reported a loss of $2,550 as of Q1.
Originally chartered in 1957, Greater Christ Baptist Church Credit Union was a federally insured, state-chartered credit union that served 396 members and had assets of $608,330, according to the credit union’s most recent Call Report. Greater Christ Baptist Church Credit Union served members of Greater Christ Baptist Church in Detroit, employees of the credit union, and related parties.
Greater Christ Baptist Church is the fourth federally insured credit union liquidation in 2018, according to NCUA.