St. Francis Campus Credit Union Closes, Shares Assumed by Central Minnesota Credit Union

Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund; Member Service Continues Uninterrupted

ALEXANDRIA, Va. (Feb. 14, 2014) – The Minnesota Department of Commerce today appointed the National Credit Union Administration as receiver of St. Francis Campus Credit Union of Little Falls, Minn. As the receiver, NCUA will act as the liquidating agent, and Central Minnesota Credit Union of Melrose, Minn., has immediately assumed St. Francis Campus Credit Union’s members, assets, shares and loans.

Members of St. Francis Campus Credit Union will now become members of Central Minnesota Credit Union. There will be no interruption in member services, and accounts remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.

Members with questions about their accounts can contact the Central Minnesota Credit Union Member Services office at 320-414-0500 between 7 a.m. and 6 p.m., Monday through Thursday; 7 a.m. and 7 p.m., Friday; and 8 a.m. through 1 p.m., Saturday.

Central Minnesota CU is a federally insured, state-chartered credit union with assets of $759 million and 52,000 members, according to the credit union’s most recent Call Report.

The Minnesota Department of Commerce made the decision to liquidate St. Francis Campus Credit Union and discontinue its operations after conducting an examination and determining the credit union was insolvent with no prospect for restoring viable operations on its own. At the time of liquidation and subsequent purchase by Central Minnesota Credit Union, the credit union served 3,400 members and had assets of approximately $51 million.

Chartered in 1963, St. Francis Campus Credit Union served employees of the St. Francis Campus, as owned by the Franciscan Sisters, their relatives and employees of the credit union. St. Francis Campus Credit Union is the second federally insured credit union liquidation in 2014.

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

5 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

5 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

6 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

6 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

6 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

6 days ago