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10Th Credit Union Liquidation Of 2010

Thursday, July 1, 2010 - 12:16 PM
From the NCUA press release
Immediately following the liquidation of Southwest Community Federal Credit Union, NCUA entered into an agreement with Chartway Federal Credit Union of Virginia Beach, Virginia, to purchase and assume certain assets and liabilities of Southwest Community Federal Credit Union. At the time of liquidation, Southwest Community Federal Credit Union had approximately $139,094,182 in assets and served 19,041 members. Southwest Community Federal Credit Union was established in 1937 to serve the Dixie Consumer’s Cooperative Association in Washington County, Utah. This is the 10th federally insured credit union liquidation in 2010.

This was one of the larger credit unions liquidated this year. Many of the closed credit unions had under $10 million in assets.

There was also a forced merger of a credit union that had been placed into conservatorship. First Delta FCU in MS was merged into Shreveport FCU in LA. However, there was no liquidation. Refer to the NCUA press release for more details.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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