Member Deposits Protected up to $250,000 by Share Insurance Fund
ALEXANDRIA, Va. (Feb. 5, 2016) – The Wisconsin Office of Credit Unions today served an order of liquidation on CTK Credit Union of Milwaukee and immediately appointed the National Credit Union Administration as liquidating agent.
Member deposits are federally 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.
NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to members holding verified share accounts at CTK Credit Union. Members with additional questions about their insurance coverage may contact the Asset Management and Assistance Center toll-free at 877-715-0777 Monday through Friday between 8 a.m. and 5 p.m., Central. Members may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage.
The Wisconsin Office of Credit Unions made the decision to liquidate CTK Credit Union and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
CTK Credit Union was a federally insured, state-chartered credit union that served 397 members and had assets of $163,197, according to the credit union’s most recent Call Report. Chartered in 2004, CTK Credit Union served congregants of Christ the King Baptist Church of Milwaukee.
CTK Credit Union is the first federally insured credit union liquidation in 2016.