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.
Let's see:
ReplyDeleteNational Bank of Commerce, Berkeley, IL
Bank of Clark Co., Vancouver, WA
1st Centennial Bank, Redlands, WA
Ocala National Bank, Ocala, FL
Suburban FSB, Crofton, MD
MagnetBank, Salt Lake City, UT
Co. Bank, Merced, CA
Alliance Bank, Culver City, CA
FirstBank Financial Service, McDonough, GA
Pinnacle Bank of Oregon, Beaverton, OR
Corn Belt Bank & Trust Co. Pittsfield, IL
Riverside Bank of the Gulf Coast, Cape Coral, FL
Sherman Co. Bank, Loup City, NE
Silver Falls Bank, Silverton, OR
Heritage Community Bank, Glenwood, IL
Security Savings Bank, Henderson, NV
Freedom Bank of Georgia, Commerce, GA
TeamBank, NA, Paola, KS
Colorado National Bank, Colorado Springs, CO
FirstCity Bank, Stockbridge, GA
Omni National Bank, Atlanta, GA
Cape Fear Bank, Wilmington, NC
New Frontier Bank, Greely, CO
Great Basin Bank of Nevada, Elko, NV
American Sterling Bank, Sugar Creek, MO
American Southern Bank, Kennesaw, GA
Michigan Heritage Bank, Farmington Hills, MI
First Bank of Beverly Hills, Calabasas, CA
First Bank of Idaho, Ketchum, ID
America West Bank, Layton, UT
Citizens Community Bank, Ridgewood, NJ
Silverton Bank, NA, Atlanta, GA
Westsound Bank, Bremerton, WA
BankUnited, Coral Gables, FL
Strategic Capital Bank, Champaign, IL
Citizens National Bank, Macomb, IL
Bank of Lincolnwood, Lincolnwood, IL
Fist National Bank of Anthony, Anthony, KS
Cooperative Bank, Wilmington, NC
Southern Community Bank, Fayetteville, GA
Mirae Bank, L.A., CA
MetroPacific Bank, Irvine, CA
Horizon Bank, Pine City, MN
Neighborhood Community Bank, Newman, GA
Community Bank of West Georgia, Villa Rica, GA
First National Bank of Danville, Danville, IL
Rock River Bank, Oregon, IL
John Warner Bank, Clinton, IL
First State Bank of Winchester, Winchester, IL
Elizabeth State Bank, Elizabeth, IL
Millennium State Bank of Texas, Dallas, TX
Founders Bank, Worth, IL
Bank of Wyoming, Thermopolis, WY
Temecula Valley Bank Temecula, CA
Vineyard Bank Rancho, Cucamonga, CA
BankFirst, Sioux Falls, SD
First Piedmont Bank, Winder, GA
Security Bank of Bibb Co., Macon, GA
Security Bank of North Metro, Woodstock, GA
Security Bank of North Fulton, Alpharetta, GA
Security Bank of Gwinnett Co., Suwanee, GA
Waterford Village Bank, Williamsville, NY
Security Bank of Jones, Co. Gray, GA
Security Bank of Houston Co., Perry, GA
Integrity Bank, Jupiter, FL
First State Bank of Altus, Altus, OK
First BankAmericano, Elizabeth, NJ
Peoples Community Bank, West Chester, OH
Mutual Bank, Harvey ,IL
First State Bank, Sarasota, FL
Community National Bank of Sarasota Co., Venice, FL
Community First Bank, Prineville, OR
Union Bank, National Association, Gilbert, AZ
Dwelling House Savings and Loan Association, Pittsburgh, PA
Colonial Bank, Montgomery, AL
Community Bank of Arizona, Phoenix, AZ
Community Bank of Nevada Las Vegas, NV
First Coweta Bank, Newnan, GA
Guaranty Bank, Austin, TX
CapitalSouth Bank, Birmingham, AL
ebank, Atlanta, GA
Bradford Bank, Baltimore, MD
Mainstreet Bank, Forest Lake, MN
Affinity Bank, Ventura, CA
First Bank of Kansas City, Kansas City, MO
InBank, Oak Forest, IL
Vantus Bank, Sioux City, IA
Platinum Community Bank, Rolling Meadows, IL
First State Bank, Flagstaff, AZ
First Bank of Kansas City, Kansas City, MO
InBank Oak Forest, IL
Platinum Community Bank, Rolling Meadows, IL
Vantus Bank, Sioux City, IA
Corus Bank, Chicago, IL
Brickwell Community Bank, Woodbury, MN
Venture Bank, Lacey, WA
Irwin Union Bank and Trust Company
Irwin Union Bank, FSB, Louisville, KY
Georgian Bank, Atlanta, GA
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.