2 Credit Unions Liquidated
111 Institutions Have Failed so Far in 2011
Two credit unions were closed last week by state and federal banking regulators. These failures bring the year's tally to 111 failed institutions.
The latest failures:
The National Credit Union Administration liquidated O.U.R. Federal Credit Union of Eugene, Ore. Northwest Community Credit Union of Springfield, Ore., immediately purchased and assumed certain O.U.R. Federal Credit Union assets and member shares.
See Also: Maintain a Clear Bill of (Third-Party Risk) Health
At the time of liquidation and subsequent purchase by Northwest Community Credit Union, the former credit union served 1,379 members and had deposits of approximately $4.25 million.
NCUA liquidated BCT Federal Credit Union of Binghamton, N.Y. Visions Federal Credit Union of Endicott, N.Y., immediately assumed BCT Federal Credit Union's assets, liabilities and member shares.
At the time of liquidation and subsequent purchase by Visions Federal Credit Union, the former credit union served approximately 3,900 members and had deposits of approximately $41.3 million.