Archive for the ‘CREDIT UNION CONSERVATORSHIPS’ Category

First Delta Federal Credit Union

Friday, October 23rd, 2009

While the FDIC was busy closing its 106 bank on the year the National Credit Union Administration (NCUA) placed First Delta Credit Union of Marks, Mississippi, into conservatorship. The National Credit Union Administration assumed control of operations at First Delta Federal Credit Union of Marks, Mississippi. The National Credit Union Administration’s goal ...

Keys Federal Credit Union of Key West, Florida

Thursday, September 24th, 2009

Following in the footsteps of two recent credit union closures, NCUA took into voluntary conservatorship Keys Federal Credit Union of Key West, Florida. The NCUA placed Keys Federal Credit Union of Key West, Florida into conservatorship today. The 13,000-member credit union with assets of $180,000, had a 22.5% decline in assets during the ...

Community One FCU Las Vegas, NV

Wednesday, August 12th, 2009

The NCUA announced today that it had closed down Community One FCU of Las Vegas and its assets and shares were purchased by America First FCU. America First Federal Credit Union is a full service institution. It has $4.9 billion in assets and serves approximately 495,939 members in and around the ...

Mutual Savings Credit Union, Shelby County, Alabama

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 ...

New Hope Community Development Federal Credit Union

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 ...

Valley Credit Union

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, ...

Communities United Credit Union

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 ...

Huron River Area Credit Union

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 ...

Obelisk Federal Credit Union

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 ...

Peoples First Choice Federal Credit Union

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 ...