Temperance credit union closed, called insolvent

TEMPERANCE -- A small credit union in Temperance has been closed by Michigan's Office of Financial and Insurance Regulation, which declared it insolvent.

United Catholic Credit Union had deposits of about $303,000, according to the National Credit Union Administration, which was appointed as liquidating agent.

Member deposits are federally insured up to $250,000. The NCUA will issue checks to individuals holding verified share accounts in the credit union within one week.

"United Catholic Credit Union members should be assured that all of their insured deposits are protected," said Kevin Clinton, commissioner of the state's Office of Financial and Insurance Regulation.

United Catholic was chartered in 1961 and had one branch at 8110 Lewis Ave. It served more than 200 members belonging to local Catholic parishes.

A state examination found that UCCU was operating in an unsafe and unsound manner and was insolvent.

Regulators found instances of alleged criminal activity and said they are working with investigators at the Michigan Attorney General's office.

Members with questions about their insurance coverage can contact the National Credit Union Administration at 800-755-1030 or visit MyCreditUnion.gov.

United Catholic is the eighth federally insured credit union liquidation in 2012, according to the NCUA.