Wisconsin credit union to be liquidated

The NCUA has announced that the Wisconsin Office of Credit Unions has served an order of liquidation on CTK Credit Union of Milwaukee (CTK) and immediately appointed the National Credit Union Administration as liquidating agent. The decision to liquidate CTK and discontinue operations was made after determining the credit union was insolvent and had no prospect for restoring viable operations. CTK, the first federally insured credit union liquidated in 2016, was a federally insured, state-chartered credit union that served 397 members and had assets of $163,197, according to CTK's most recent Call Report. Chartered in 2004, CTK served congregants of Christ the King Baptist Church of Milwaukee.