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.
Posted by at
Labels: ,

4 comments:

  1. Sarah Snell CookeApril 26, 2010 at 9:12 AM

    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.

    ReplyDelete
  2. AnonymousApril 27, 2010 at 11:34 AM

    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."

    ReplyDelete
  3. AnonymousApril 27, 2010 at 5:00 PM

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

    ReplyDelete
  4. AnonymousMay 3, 2010 at 2:00 PM

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

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.