The Ohio Department of Commerce has revoked the articles of incorporation for the SSP Credit Union, and has appointed an agent to liquidate the credit union.

According to a prepared statement issued Tuesday, F. Scott O’Donnell, Superintendent of Financial Institutions, has determined that the credit union is "unsafe and unsound and unable to fulfill its purpose as a credit union and is insolvent, incapable of paying its debts and has liabilities in excess of its assets."

Further, O’Donnell noted that the credit union adopted a resolution whereby it waived its rights to a hearing on the matter and requested the superintendent issue a liquidating order and appoint a liquidating agent.

American Share Insurance has been appointed as a liquidating agent in the matter. That entity has been given the authority to "make payments to creditors and credit union members, approve incidental expenses incidental to liquidation, sell assets and compound debts."

American Share Insurance Chief Financial Officer Curt Robson said ASI began a validation process this week that entailed sending out letters to credit union members asking them to provide basic identification information on who they are and if in fact they are members of the credit union.

Later this week and early next week, ASI will begin a confirmation process whereby members will receive letters on the status of their accounts with the credit union.

Those whose accounts have a positive balance will be given information on how their money will be paid to them.

Accounts are insured for the balance up to $250,000.

Those with loans will be given information on how they will make their payments in the future.

"The credit union no longer exists as it was known before," Robson said. "We will become one that will collect loan payments going forward."

Robson said he was pleased with the cooperation of those involved.

Meanwhile, the former treasurer of the defunct credit union, Doug Calhoun, on Russell, Ky., remains free on a $20,000 unsecured bond pending arraignment on a charge of theft by deception stemming the the credit union’s collapse.

Calhoun is scheduled to appear before Greenup County Circuit Judge Robert Conley at 9:30 a.m. May 29

the charges against him. Teresa Moore/The Ironton Tribune