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Chetco Federal Credit Union Liquidated By The NCUA

Sunday, December 30, 2012 - 11:14 AM
Even though the FDIC didn't have any action last Friday, the NCUA was busy with the liquidation of Chetco Federal Credit Union. Here's an excerpt from the NCUA press release:
Chartered in 1957, Chetco was a community credit union serving people who live, work or worship in Coos and Curry counties in Oregon and Del Norte County in California. At the time of liquidation and subsequent purchase and assumption by Rogue and Coast Central, Chetco served 24,926 members and had approximately $259 million in deposits.
Chetco is the fourteenth federally insured credit union liquidation in 2012.

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As you can see, Chetco wasn't a tiny credit union like most of the credit unions that failed this year. The NCUA arranged for two credit unions to purchase and assume the remaining assets and shares of Chetco.

This is the third credit union failure of December. The last one was Olean Tile Employees FCU in New York. As you might have guessed by the name, this was a tiny credit union with just 550 members and assets of approximately $778,000.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708