Archive for the ‘CREDIT UNION CONSERVATORSHIPS’ Category
Thursday, August 6th, 2009
Mutual Savings Credit Union, a Shelby County financial institution with 41,700 members and $192 million in assets, was placed into conservatorship by the Alabama Credit Union Administration on Friday.
The Alabama Credit Union Administration seized the credit union’s operations and relieved the CEO and board of directors of their duties.
Tom Tatum ...
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Wednesday, July 22nd, 2009
New Hope Community Development Federal Credit Union in Birmingham, Alabama, a federally chartered and federally insured credit union had its operations taken over by the National Credit Union Administration on July 22, 2009
New Hope Community Development Federal Credit Union was originally chartered in 1996 and serves the West End community ...
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Wednesday, September 3rd, 2008
San Jose-based, Valley Credit Union, with $257M in assets, has been placed into conservatorship with the NCUA (the California DFI, however, had acted to intervene).
The NCUA page on the shutdown states that Valley was founded in 1953 and has nearly 26,900 members. Service is uninterrupted under NCUA supervision.
Valley was state-chartered, ...
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Monday, January 21st, 2008
The Kansas Department of Credit Unions Has stepped in to take over the sickly Communities United Credit Union. It will oversee the transfer of 19,000 member accounts to their credit unions.
Communities United Credit Union serves 1,900 members. The Kansas Department of Credit Unions deemed the credit union to be ...
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Monday, January 21st, 2008
The NCUA has just announced that the State of Michigan on February 16th has placed Huron River Area Credit Union into Conservatorship under the NCUA.
The $362.6 million Huron River Area Credit Union of Ann Arbor, Mich., which was placed into receivership by its state regulator Feb. 16, is likely to ...
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Monday, January 21st, 2008
Obelisk Federal Credit Union was placed into conservatorship today. Unlike most banks Obelisk Federal credit Union's problems stem from the credit crunch. But from insider criminality banks head teller Patricia Sherman.
As a direct result of SHERMAN’ s embezzlement, the NCUA placed the credit union into conservatorship. After evaluating ...
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Monday, January 21st, 2008
Peoples First Choice Federal Credit Union was turned over to federal conservatorship today. the move was voluntary and credit unions, part and all normal operations will continue uninterrupted.
On June 12, 2007, the board of directors of Peoples First Choice Federal Credit Union (PFC FCU) voluntarily consented to conservatorship, accordingly, the ...
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Monday, January 21st, 2008
It was announced late Friday that CAL State 9 Credit Union would be placed into conservatorship under the National Credit Union Administration (NCUA).
Regarding Cal State 9, this San Francisco Chronicle article received a quote from a California official who stated that the action was "related to the credit union's defaults ...
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Monday, January 21st, 2008
Secret Conservatorship only recently disclosed... a pattern of things to come. Never listed in the NCUA news section...
Board Room Secrets
The Bankers Knew
Largest Credit Union failure yet.... Based in CO, they made bad bets in FL, now DC will bail them out!
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Monday, January 21st, 2008
Denver -based credit union Zion United Community Credit Union has been placed into conservatorship by regulators in Colorado.
Regulators in Colorado took control of a Denver credit union with the goal of saving it for its low- and moderateincome members.
According to Colorado's Financial Services Commissioner Chris Myklebust the action is ...
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