State regulators have shut down the Taupa Lithuanian Credit Union in Cleveland, the Cleveland Plain Dealer reports.
The credit union had 1,154 members, mainly from the city’s Lithuanian community, and assets of about $24 million, the paper said. It quoted the Ohio Department of Commerce saying its Division of Financial Institutions can close a credit union "if it appears that a credit union is bankrupt or insolvent, that its shares are impaired, or that is operating in an unsafe or unsound manner.”
According to the Credit Union Times, Taupa Lithuanian's finances seemed to be in order, as reported to the NCUA.
Customers should hear soon from the National Credit Union Administration, which will manage the institution’s liquidation, the paper said.