Ohio Credit Union Taken Over By NCUA

St. Paul Croatian FCU is 7th CU to be Conserved or Closed in 2010 The St. Paul Croatian Federal Credit Union of Eastlake, Ohio was placed into conservatorship by the National Credit Union Administration (NCUA) on April 23. The NCUA assumed control of the operations of the $238.8 million institution.

This was the second credit union this year to be taken over by the NCUA in 2010. So far this year, a total of seven credit unions and 57 banks have either failed or placed into conservatorship.

The NCUA says service will continue uninterrupted at St. Paul Croatian Federal Credit Union. Members are free to make deposits, access funds, make loan payments and use share drafts. While the credit union was placed into conservatorship because of declining financial condition, the decision to conserve a credit union enables the institution to continue normal operations with expert management in place.

St. Paul Croatian Federal Credit Union was originally chartered in 1943 and serves members of St. Paul's Croatian Parish in Cleveland, Ohio, The credit union has approximately $238.8 million in assets and almost 5,400 members.





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