Author Archive

I.C.E. FCU of Inglewood, Califorina

Monday, March 18th, 2013

The National Credit Union Administration, closed tiny  I.C.E. FCU of Inglewood, Califorina, making it the third federally insured credit union liquidation in 2013. The ailing credit union had assets of $3.4 million. The National Credit Union Administration (NCUA) today liquidated I.C.E. Federal Credit Union of Inglewood, Calif. NCUA made the decision to liquidate ...

Amez United Credit Union of Detroit, Michigan

Tuesday, February 19th, 2013

Amez United Credit Union of Detroit, Michigan, was been shut down by  the Michigan Office of Financial and Insurance Regulation today and it's carcass was fed to the National Credit Union Association as receiver. The tiny credit union  served about 160 members and had $168,000 in assets.  The Michigan Office of Financial and Insurance Regulation ...

Covenant Bank, Chicago, Illinois

Saturday, February 16th, 2013

Covenant Bank, Chicago, Illinois, is the third FDIC-insured institution to fail in the nation in 2013. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.8 million. Covenant Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which ...

Community Development Federal Credit Union

Monday, February 11th, 2013

Community Development Federal Credit Union, is the second first  insured credit union to be placed into  conservatorship in 2013, as The National Credit Union Administration (NCUA) has assumed control of service and operations.  The members held approximately $2 million in assets.  The National Credit Union Administration (NCUA) today assumed control of service and operations ...

First Minnesota Bank, Minnetonka, Minnesota, Assumes All of the Deposits of 1st Regents Bank, Andover, Minnesota

Friday, January 18th, 2013

First Minnesota Bank, Minnetonka, Minnesota, Assumes All of the Deposits of 1st Regents Bank, Andover, Minnesota, is the second FDIC bad bank hit list for 2013. The agency estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.5 million. 1st Regents Bank, Andover, Minnesota, was closed today by the Minnesota Department ...

Westside Community Bank, University Place, Washington

Friday, January 11th, 2013

Westside Community Bank, University Place, Washington, is number one on the FDIC bad bank hit list for 2013. The agency  seized the small lender in Washington state, making it the first U.S. bank failure of 2013after 51 closures last year. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) ...

New Covenant Missionary Baptist Church Credit Union, Milwaukee, Wisconsin

Tuesday, January 8th, 2013

New Covenant Missionary Baptist Church Credit Union, Milwaukee, Wisconsin, is the first  liquidation of a federally insured credit union in 2013. The members held assets of approximately $585,000. The Wisconsin Office of Credit Unions liquidated New Covenant Missionary Baptist Church Credit Union (New Covenant) of Milwaukee, Wis., today and appointed the National Credit Union Administration ...

Chetco FCU of Harbor, Oregon

Wednesday, January 2nd, 2013

Chetco FCU of Harbor, Oregon, moves from the frying pan to the fire as the National Credit Union Administration announced Friday that it had dived the carcass among two other credit unions. The failure of  Chetco FCU brings to 14 the number of failures in 2012. The NCUA announced late Friday that after 15 months ...

Olean Tile Employees Federal Credit Union, Olean, N.Y.

Monday, December 17th, 2012

Olean Tile Employees Federal Credit Union, Olean, N.Y.,was shuttered today by the National Credit Union Administration (NCUA). Olean Tile Employees Federal Credit Union is the thirteenth federally insured credit union liquidation in 2012 and the second credit union headquartered in New York to fail this year. Member deposits are federally insured by the ...

Community Bank of the Ozarks, Sunrise Beach, MO

Saturday, December 15th, 2012

Community Bank of the Ozarks, Sunrise Beach, MO, is the 51st FDIC-insured institution to fail in  nationwide in 2012. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.4 million. Community Bank of the Ozarks, Sunrise Beach, Missouri, was closed today by the Missouri Division of Finance, which ...