1 Credit Union Closed March 4

27 Failed Institutions so far in 2011
1 Credit Union Closed March 4
Regulators closed one credit union on Fri., March 4, raising the year's total to 27 failed institutions so far in 2011. The latest failure:

Wisconsin Heights Credit Union of Ogema, Wisconsin

The National Credit Union Administration (NCUA) was appointed liquidating agent of Wisconsin Heights Credit Union of Ogema, Wisconsin, by the Wisconsin Office of Credit Unions.

NCUA immediately signed an agreement with CoVantage Credit Union of Antigo, Wisconsin, to assume the members, assets and liabilities of Wisconsin Heights Credit Union. Wisconsin Heights Credit Union's members will experience no interruption of credit union service. Their accounts remain federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000.

CoVantage Credit Union serves the people who live or work in the Wisconsin counties of Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menominee, Oconto, Oneida, Outagamie, Portage, Shawano, Waupaca and Wood; or Dickinson and Iron counties in Michigan. CoVantage Credit Union has $861 million in assets and serves over 62,000 members.

CoVantage Credit Union is a full-service credit union with eight branches in Wisconsin and two branches in the Upper Peninsula of Michigan.

Wisconsin Heights Credit Union's declining financial condition led to its closure and subsequent purchase and assumption. At closure, Wisconsin Heights Credit Union had $713,000 in assets and served 501 members.


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