May 24, 2014
RICHMOND, Va. (AP) - Virginia regulators have closed a Richmond-based credit union after it was found to be insolvent.
The State Corporation Commission closed Life Line Credit Union Inc. and gave control of the credit union to the its Bureau of Financial Institutions and the National Credit Union on Friday.
The move means Life Line Credit Union members become members of the Virginia Credit Union.
Regulators took action under state law that allows the commission to close a state-chartered credit union and take charge of its books, assets and affairs under certain circumstances.
Life Line Credit Union had held a state credit union charter since 1969 and had more than 2,000 members with assets of about $7.9 million.
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