The National Credit Union Administration (NCUA) liquidated The Members’ Own Federal Credit Union of Victorville, California.
Alaska USA Federal Credit Union purchased and assumed The Members’ Own Federal Credit Union’s assets, loans and shares.
The Members’ Own Federal Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption by Alaska USA Federal Credit Union.
The Members’ Own Federal Credit Union had $85 million in assets and served 11,000 members.
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95 banks have failed in just the past 9 months. In fact, more banks have failed in Georgia (19) and Illinois (16) in '09 than CU's in the entire nation (14). In August alone, 15 banks failed. The FDIC expects $70B in losses due to failures over the next 5 years. There are currently 416 banks on the "problem" bank list. This, even with $600B in TARP funds allocated to fortify your industry's financials.
What was your point again?
A combination of bad loans coupled with bad management led to the ruin of this California credit union.
ReplyDeleteGood morning Matt:
ReplyDeleteNCUA reported that as of August the number of CU failures was 17, not 14. This does not count the recent round of failures or assisted mergers in September.
Let's see almost 100 bank failures and 17 or 14 (depending on timing)credit union failures. Yep, Mr. Leggett, Banks win in a landslide victory...
ReplyDeleteHi Keith!
ReplyDeleteHow does it feel to be a total and utter douchebag?
Thanks for the... entertaining reading.
- Anonymous.