A M Community Credit Union of Kenosha, Wisc., has failed. It is the third creidt union failure in 2012.
The Wisconsin Office of Credit Unions placed A M Community Credit Union of Kenosha, Wisc., into liquidation today and appointed the National Credit Union Administration (NCUA) as liquidating agent. TruStone Financial Federal Credit Union of Plymouth, Minn., immediately purchased and assumed A M Community Credit Union’s members, deposits, core facilities, and consumer loans.The accounts of the new TruStone Financial Federal Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. Administered by NCUA, the fund has the backing of the full faith and credit of the U.S. Government.The new members of TruStone Financial Federal Credit Union will experience no interruption in services. TruStone Financial Federal Credit Union is a federally chartered credit union with $739 million in assets and more than 60,000 members. TruStone Financial Federal Credit Union serves various employer groups and individuals who live, work, worship, or go to school in the cities of Minneapolis and St. Paul, Minn.A M Community Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption. At the time of liquidation and subsequent purchase by TruStone Financial Federal Credit Union, the credit union served 15,993 members and had $121.8 million in assets. Chartered in 1933, A M Community Credit Union served persons who live or work in Wisconsin’s Kenosha or Racine counties and any Chrysler Corporation employee.A M Community Credit Union is the seventh federally insured credit union liquidation in 2012.