The Kansas Department of Credit Unions said it liquidated Parsons Pittsburg Credit Union in southeast Kansas over the weekend.
Its members, assets, shares and loans were immediately assumed by Golden Plains Credit Union in Garden City, the KDCU said in a news release.
KDCU, which along with the National Credit Union Administration took control of the two-branch credit union in late January, said it liquidated the credit union because it “was insolvent and had no prospect for restoring viable operations on its own.”
Members of the credit union were not expected to experience any interruption in services or loss of money. KDCU said members’ accounts were insured by the National Credit Union Share Insurance Fund up to $250,000.
Parsons Pittsburg Credit Union served 1,466 members and had assets of $13.4 million. Golden Plains has $418.5 million in assets and 59,413 members.