Minn. credit union liquidated as FBI investigates

Minn. credit union liquidated as FBI investigates Click to Enlarge Photo:

Feb 22, 2014 at 12:26 pm

LITTLE FALLS, Minn. (AP) — A Little Falls credit union has been liquidated as the FBI investigates reports of accounting irregularities.

The state decided to liquidate St. Francis Campus Credit Union and shut it down. The state Department of Commerce concluded the credit union was insolvent with no prospect for restoring operations on its own.

FBI spokesman Kyle Loven says he can't elaborate due to the ongoing investigation. No one has been arrested.

Loven says the credit union's 3,400 members shouldn't worry because their accounts are federally insured up to $250,000.

The commerce department closed the credit union this month. The National Credit Union Administration says the members are being transferred to the Central Minnesota Credit Union with no interruption in service.

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