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Article: Oneok Employee Credit Union Placed Under Conservatorship
- Article from:
- THE JOURNAL RECORD
- Article date:
- June 25, 1994
- Author:
CopyrightCopyright 1994 The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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A Tulsa credit union was placed under conservatorship Friday
by the National Credit Union Administration for "operating in an
unsafe and unsound manner."
Oneok Employees Credit Union was placed under the control of
the federal credit union regulator, and Bruce Bakke from its
regional office was named acting manager.
The action was taken with the consent of the Oklahoma State
Credit Union Board, which met in executive session to consider
the matter on June 13. Oneok is a state-chartered credit union.
The institution had been operating without a manager since
November 1993 and had suffered a net loss of about $5,000 in
April.
"Excessive operating expenses were depleting its already low ...