Louisville Metro Police Officers Credit Union closes; Commonwealth Credit Union assumes members, shares, and loans
Member deposits protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, VA (June 29, 2018) — The Kentucky Department of Financial Institutions today appointed the National Credit Union Administration as liquidating agent of Louisville Metro Police Officers Credit Union of Louisville.
Commonwealth Credit Union of Frankfort, Kentucky, immediately assumed Louisville Metro Police Officers Credit Union’s membership, shares, loans, and all other assets. Commonwealth Credit Union is a federally insured, state-chartered credit union with 98,376 members and assets of $1,185,612,654, according to the credit union’s most recent Call Report.
Members of Louisville Metro Police Officers Credit Union will now become members of Commonwealth Credit Union. New Commonwealth Credit Union members should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members with questions about their accounts may contact Commonwealth Credit Union at 502.564.4775 or 800.228.6420 between 8 a.m. and 5 p.m. Eastern time Monday through Friday. Members also may find insurance coverage information on the Share Insurance Coverage page of the NCUA’s consumer website, MyCreditUnion.gov.
The decision to liquidate Louisville Metro Police Officers Credit Union and discontinue its operations was made after determining the credit union was insolvent and had no prospect for restoring viable operations.
At the time of liquidation and subsequent purchase by Commonwealth Credit Union, Louisville Metro Police Officers Credit Union served 3,349 members and had assets of approximately $20 million, according to the credit union’s most recent Call Report.
Chartered in 1942, Louisville Metro Police Officers Credit Union served employees of the Louisville Police Department and other select employee groups, which include law enforcement personnel and their immediate family members, railroad personnel, and various warehouse and manufacturing personnel.
Louisville Metro Police Officers Credit Union is the third federally insured credit union liquidation in 2018.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
