The number of problem credit unions, as well as shares (deposits) and assets in problem credit unions fell during the third quarter. A problem credit union is defined as having a CAMEL code of 4 and 5.
Problem credit unions decreased by 17, for a total of 382 as of Sept. 30. Assets and shares were $26.3 billion and $23.5 billion, respectively.
The number of problem credit unions with $500 million or more in assets was unchanged between the end of the second quarter and the end of the third quarter.
There were 7 credit unions with more than $1 billion in assets on the problem list. These 7 credit unions have $11.3 billion in shares.
There were another 4 credit unions with between $500 million and $1 billion in assets on the problem list.
During the quarter, there were 10 fewer problem credit unions with between $100 million and $500 million in assets. As of the end of September, there were 30 credit unions in this cohort.
As a percentage, CAMEL code 4 and 5 credit unions represented 2.8 percent of total insured shares and 2.5 percent of total industry assets.
Year-to-date, there have been 16 credit union failures -- the same number that failed in all of 2011. Seven were assisted mergers, and nine were involuntary liquidations, of which six were assisted purchase and assumptions.
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