DETROIT--The Michigan Department of Insurance and Financial Services has liquidated the Metropolitan Church of God Credit Union here and appointed NCUA as liquidating agent.
Founded in 1971 to serve members of the Metropolitan Church of God, the tiny credit union had just $141,494 in assets and 191 members at the time of liquidation.
Michigan’s regulator said the credit union was insolvent with no prospect for restoring viable operations. No merger partner was announced and accounts are being liquidated, with funds returned to members.
Metropolitan Church of God is the tenth federally insured credit union liquidation in 2014.