A small credit union in Wausau was closed by regulators Friday and immediately taken over by Antigo-based CoVantage Credit Union.
The "declining financial condition" of the 80-year-old Wausau Postal Employees Credit Union led to its closure by the Wisconsin Office of Credit Unions and subsequent purchase by CoVantage, according to the National Credit Union Administration, which is the national regulator of the credit union industry.
At the time of liquidation, Wausau Postal had 845 members and $8.4 million in assets. It lost about $404,500 in 2011, and through March of this year, 6.6% of its loans were delinquent.
CoVantage, which is Wisconsin's 7th-largest credit union, assumed Wausau Postal's assets, liabilities and membership. CoVantage has about $1 billion in assets and more than 74,000 members.
The accounts of the former Wausau Postal members remain federally insured by the NCUA up to $250,000. The new CoVantage Credit Union members will experience no interruption in services, the NCUA said.
Wausau Postal Employees Credit Union served all postal and federal employees. It is the fourth federally insured credit union to be liquidated in 2012.
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