MIDDLETOWN, Ohio–NCUA said it has facilitated a partial purchase and assumption between the undercapitalized Butler Heritage FCU in Middletown, Ohio, and Cincinnati Ohio Police FCU.
NCUA said it made the decision to liquidate Butler Heritage FCU and discontinue its operations after determining insolvency was imminent, and the credit union had no prospect for restoring viable operations.
According to the agency, Cincinnati Ohio Police FCU immediately purchased some assets and assumed Butler Heritage FCU’s share accounts. Butler Heritage FCU was subsequently liquidated.
The $9.6 million BHFCU, which has approximately 776 members, posted a loss of $89,520 as of March 31, with net worth of just 4.9%. It had a $260,633 loss as of year-end 2024.
The $172.6-million COPFCU, which has approximately 10,609 members, has net income of $230,506 as of the end of Q1.
