July 31, 2010 – 7:35 pm

Certified Federal Credit Union, Commerce , California, became the 12th federally insured credit union in the nation to be closed in 2010, when it was placed┬áplaced into conservatorship by federal regulators.┬áThis isn’t a failure, but these conservatorships often lead to liquidations.

Certified Federal Credit Union in the City of Commerce was seized by federal regulators Saturday because of losses suffered during the real estate and housing downturns, according to the National Credit Union Administration.

Vons Employees Federal Credit Union, based in El Monte, immediately assumed the deposits and loans of Certified and took over its operations, said John J. McKechnie III, a spokesman for the national agency.

Certified, which had only one office, served 8,500 members. The location opened Monday as usual. The member accounts were federally insured for up to $250,000 by the National Credit Union Share Insurance Fund.

Be sure to visit the NCUA webpage for more information on First Delta Federal Credit Union.