Local Credit Union Shut Down by State

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(Photo Credit: MGN Online)

CLEVELAND — A local credit union was liquidated by the Ohio Division of Financial Institutions Friday.

According to the state, Taupa Lithuanian Credit Union had no plans to restore “viable operations”, leading to the closure.

The National Credit Union Administration has been appointed as liquidating agent and will be handling union members’ concerns about the closing. Union members are insured by the federal government’s National Credit Union Share Insurance Fund up to $250,000.

Members can call the NCUA Asset Management and Assistance Center for insurance details about the closing at (877) 715-0777.

Taupa Lithuanian Credit Union was chartered in 1984 to serve Cleveland’s Lithuanian community, and serves 1,154 members with combined assets totaling more than $23.6 million.

The federally insured credit union was the eleventh to be shut down in 2013.