Member Services Continue; Deposits Protected by the Share Insurance Fund
ALEXANDRIA, Va. (Jan. 30, 2018) – The Illinois Department of Financial and Professional Regulation today issued an order of liquidation to St. Elizabeth’s Credit Union of Chicago and subsequently appointed the National Credit Union Administration as liquidating agent.
Northstar Credit Union, of Warrenville, Illinois, immediately assumed most of St. Elizabeth’s Credit Union’s members, assets and loans. Northstar is a federally insured, state-chartered credit union with assets of $165 million serving 14,756 members, according to the credit union’s most recent Call Report.
The new Northstar Credit Union members should experience no interruption in services, and their accounts remain insured by the National Credit Union Share Insurance Fund. Administered by 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 Northstar Credit Union toll-free at 800.983.6828. Northstar Credit Union has five branch offices, and its Bridgeport office located at 555 W. 31st Street, Chicago, Illinois 60616, which is closest to St. Elizabeth’s, is open Tuesday, Thursday and Friday from 8:30 a.m. to 4 p.m. Central, Wednesday from 10 a.m. to 4 p.m. Central, and Saturday from 8:30 a.m. to 1 p.m. Central. Individuals may also visit NCUA’s MyCreditUnion.gov website at any time for more information about their insurance coverage.
Following a 60-day suspension period, the Illinois Department of Financial and Professional Regulation determined that St. Elizabeth’s Credit Union should be liquidated. At the time of liquidation and subsequent purchase by Northstar Credit Union, St. Elizabeth’s Credit Union was a federally insured, state-chartered credit union with assets of approximately $140,000 serving 196 members, according to the credit union’s most recent Call Report. Chartered in 1944, St. Elizabeth’s Credit Union served the parish of St. Elizabeth’s Catholic Church in Chicago.
St. Elizabeth’s is the first federally insured credit union liquidation in 2018.