The Kentucky Department of Financial Institutions appointed the National Credit Union Administration as liquidating agent of Louisville Metro Police Officers Credit Union of Louisville.
The decision to liquidate Louisville Metro Police Officers Credit Union and discontinue its operations was made after determining the credit union was insolvent and had no prospect for restoring viable operations.
Members of Louisville Metro Police Officers Credit Union will now become members of Commonwealth Credit Union. New Commonwealth Credit Union members should experience no interruption in services, and their accounts remain federally insured by the National Credit Union Share Insurance Fund.
At the time of liquidation and subsequent purchase by Commonwealth Credit Union, Louisville Metro Police Officers Credit Union served 3,349 members and had assets of approximately $20 million, according to the credit union’s most recent Call Report.