Saturday, April 24, 2010

St. Paul Croatian FCU Placed into Conservatorship

The National Credit Union Administration assumed control of the operations of St. Paul Croatian Federal Credit Union (charter number 5049), headquartered in Eastlake, Ohio. This is the second credit union to be conserved in 2010.

The credit union has approximately $238.8 million in assets and almost 5,400 members.

The March 2010 Financial Performance Report, which can be downloaded from the NCUA's website, showed that in December 2009 the credit union had zero delinquent loans. By March 31, 2010, the credit union reported almost $10.4 million loans as 60 days delinquent (or 4.32 percent of its loans). In addition, $77 million in loans were 1 to 2 months delinquent.


  1. Did you see this Keith? From Politico: Federal regulators Friday shut down the bank owned by the family of Illinois Democratic Senate candidate Alexi Giannoulias. The FDIC estimates the cost to the Deposit Insurance Fund will be $394.3 million.

  2. Or how about this from American Banker regarding them and the other 6 banks shut down that night.

    "The seven failed banks – totaling $6.3 billion in assets and costing the government nearly $1 billion – brought the year’s failure total for the industry to 57. After 21 failures in Illinois last year, 10 banks have already been closed in the state in 2010."

  3. Continue to avert your eyes, Keith. It'll feel better.

  4. this credit union was our life line , not sure whats going on but its a shame , after 67 years , can not belive it



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