Service to Members Continues Uninterrupted; Deposits Federally Insured up to $250,000
ALEXANDRIA, Va. (March 4, 2011) -- The National Credit Union Administration (NCUA) today was appointed liquidating agent of Wisconsin Heights Credit Union of Ogema, Wisconsin, by the Wisconsin Office of Credit Unions.
NCUA immediately signed an agreement with CoVantage Credit Union of Antigo, Wisconsin, to assume the members, assets and liabilities of Wisconsin Heights Credit Union. Wisconsin Heights Credit Union’s members will experience no interruption of credit union service. Their accounts remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000.
CoVantage Credit Union serves the people who live or work in the Wisconsin counties of Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menominee, Oconto, Oneida, Outagamie, Portage, Shawano, Waupaca and Wood; or Dickinson and Iron counties in Michigan. CoVantage Credit Union has $861 million in assets and serves over 62,000 members.
CoVantage Credit Union is a full-service credit union with eight branches in Wisconsin and two branches in the Upper Peninsula of Michigan.
Wisconsin Heights Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption. At closure, Wisconsin Heights Credit Union had $713,000 in assets and served 501 members. Wisconsin Heights Credit Union is the fourth federally insured credit union liquidation in 2011.
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, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
99 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.