State Agency Controls Kansas Credit Union

The second largest bank failure in U.S history occurred on Friday in California, and Sunday night federal regulators closed a crypto-focused bank in New York.

Back home here in Kansas, the Kansas Department of Credit Unions on March 3rd placed a credit union in the Dickinson County Community of Enterprise in conservatorship. An order transferred control of Enterprise Credit Union to the state. Member deposits at Enterprise Credit Union remain are federally insured up to $250,000 and remain protected.

According to the Kansas Department of Credit Unions, the state agency placed Enterprise Credit Union into conservatorship due to management practices contrary or inconsistent with generally accepted standards of credit union operations which could result in or create a substantial likelihood of resulting in an abnormal or unacceptable level of risk to the credit union or its members.

While continuing normal member services, officials will work to resolve issues affecting the credit union’s operations.

Back in 2013 a Solomon woman pleaded guilty to embezzling $817,000 while she was working for Enterprise Credit Union.

Members with questions about the conservatorship process can review frequently asked questions on the KDCU website – Members with questions about future operations may contact the credit union at the credit union located at 109 E. 1st St, Enterprise, Kansas, or by calling (785) 263-8292.

Enterprise Credit Union, with assets of $1,421,739, was chartered in 1949 to serve employees of the ABB Raymond Company. Membership of the credit union later expanded to include Dickinson, Saline, Morris, Geary, Riley, Cloud, Clay, McPherson and Ottawa counties.

The Kansas Department of Credit Unions is the state agency responsible for the regulation of Kansas chartered credit unions.