A small credit union that served members of Christ the King Baptist Church in Milwaukee was declared insolvent and shut down by a state regulator Friday.
CTK Credit Union, 7750 N. 60th St., was closed by the Wisconsin Department of Financial Institutions, which appointed the National Credit Union Administration, or NCUA, to liquidate it. The state financial regulatory agency had determined CTK was “insolvent and had no prospect for restoring viable operations,” according to a statement issued Friday night by the NCUA.
It was the first liquidation of a federally insured credit union in 2016. CTK Credit Union, founded in 2004, had assets of $163,197…
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