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Member Deposits Remain Protected to $250,000; Member Services Uninterrupted

ALEXANDRIA, Va. (Jan. 13, 2016) – The Director of the Michigan Department of Insurance and Financial Services today placed Clarkston Brandon Community Credit Union into conservatorship and appointed the National Credit Union Administration as conservator.

Deposits at Clarkston Brandon Community Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

The Michigan Department of Insurance and Financial Services placed Clarkston Brandon Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.

Clarkston Brandon Community Credit Union is a federally insured, state-chartered credit union with 9,413 members and assets of $68.8 million, according to the credit union’s most recent Call Report.  Chartered in 1957, Clarkston Brandon Community Credit Union serves the residents and businesses of Oakland, Genesee, Lapeer, Livingston and Macomb counties in Michigan.

Members who have questions about the conservatorship may review the Clarkston Brandon Community Credit Union Frequently Asked Questions document attached to this release and available online here (opens new window).