CHICAGO—The Illinois Department of Financial and Professional Regulation Tuesday issued an order of liquidation to St. Elizabeth’s CU here and subsequently appointed NCUA as liquidating agent.
Northstar Credit Union, of Warrenville, Illinois, immediately assumed most of St. Elizabeth’s Credit Union’s members, assets and loans. The $165-million Northstar serves 14,756 members and has five offices.
Following a 60-day suspension period, the Illinois Department of Financial and Professional Regulation determined that the $140,000 St. Elizabeth’s Credit Union should be liquidated. The CU served 196 members.
St. Elizabeth’s is the first federally insured credit union liquidation in 2018.