This was the second Friday in a row without a bank failure. Perhaps the FDIC started the Labor Day Weekend early. The total number of bank failures for 2010 remains at 118. Last Friday I generated a table showing the states with the most bank failures for 2010. Florida is on top with 22 bank failures.
There was one failure this week, but it wasn't a bank. It was a credit union. First American Credit Union in Wisconsin was liquidated on August 31st, and the NCUA arranged for First Community FCU to assume the assets and liabilities of the liquidated credit union. First American was a sizable credit union with $136.9 million in assets and 17,447 members. This brings the number of closed credit unions for 2010 to 14. Note, the NCUA's press release (pdf) stated that this was the 15th closure for 2010. However, based on the NCUA's list of 2010 credit union closures, the number appears to be 15.
Below is a summary of this week's one credit union failure:
14th Credit Union Liquidation of 2010 (closed on Aug 31)
- NCUA Press Release
- Liquidated CU: First American Credit Union, Beloit, WI
- Size: $136.9 million in assets and served 17,447 members
- Acquiring CU: First Community FCU, Parchment, MI
- Financial Ratings: 1 out of 5 at DepositAccounts.com, 1 star at Bankrate.com, 0 star at BauerFinancial
The above ratings are based on 3/31/2010 data except for DepositAccounts.com which is based on June 2010 data.
- FDIC list of failed banks
- NCUA list of closed credit unions
- Latest FDIC info on deposit insurance
- My bank failure review posts
- Review of the 2009 bank and credit union failures
- 10 Lessons from the 2008 bank failures
- Review of the 2008 credit union liquidations
- Bank Health Ratings at DepositAccounts.com