COMMONWEALTH CREDIT UNION ANSWERS THE CALL; PROTECTING SAVINGS OF
THOSE WHO SERVE AND PROTECT OUR COMMUNITIIES.
Thousands of law enforcement officers across the state of Kentucky stood to lose thousands of dollars in savings when the credit union serving them was deemed insolvent and “had no prospect for restoring viable operations” according to the National Credit Union Administration. The decision to liquidate and shutter operations at the Louisville Metro Police Officers Credit Union came in June after an FBI investigation and months of federal control.
Chartered in 1942, Louisville Metro Police Officers Credit Union served employees of the Louisville Police Department and Sheriff’s departments across Kentucky and their immediate family members.
At the time of liquidation, Commonwealth Credit Union answered the call. While member accounts were federally insured by the National Credit Union Share Insurance Fund up to $250,000, many had balances greater than the insured amount, in some cases, thousands of dollars in life savings could have been lost.
“It was important to Commonwealth Credit Union to protect the assets of those who serve and protect our communities,” says Karen Harbin, President and CEO of Commonwealth Credit Union. CCU not only purchased the assets, preserving the law enforcement officers and their families’ stakes, but are also maintaining the branch locations and employees.
At the time of liquidation and subsequent purchase by Commonwealth Credit Union, Louisville Metro Police Officers Credit Union had more than 3,300 members and $20 million in assets.
Commonwealth Credit Union’s commitment to Louisville and Central Kentucky is also apparent in their recent merger with LouChem Federal Credit Union. Through the merger, more than 4,100 members were added, all eligible employees were retained, branches remain open and more than $22 Million in assets secured.
Harbin says “Commonwealth Credit Union’s mission is to better lives. Keeping Kentucky jobs and protecting families’ assets are some of the ways we at Commonwealth Credit Union are living the mission.”
Commonwealth Credit Union has experienced tremendous growth since its inception in 1951. Currently it holds more than $1.2 Billion in assets across the Commonwealth. While this most recent acquisition and merger secure Commonwealth Credit Union’s position as a leading financial institution serving the Louisville and Central Kentucky area, Harbin says it is important for their growth to be strategic, altruistic and always in the best interest of its current and future members.
Anyone who lives, works, worships, goes to school, or volunteers in one of the 24 eligible counties in the Louisville Metro and Bluegrass regions of Kentucky can become a member of Commonwealth Credit Union.