Small Vermont Credit Union Liquidated

There were no banks that failed this week, but there was one credit union that failed. It's Border Lodge Credit Union in Vermont. It was a small credit union with 1,097 members and $3.1 million in assets. The NCUA wasn't able to find another credit union to assume deposits, so the NCUA will be mailing checks of members' insured deposits. This is the 11th federally insured credit union liquidation in 2012 (12th credit union when a privately-insured credit union is included).

Refer to the NCUA press release for more details.

This Credit Union Times article has a review of the credit union’s financials.