5th Credit Union Failure of 2010

On Thursday Connecticut regulators closed the credit union South End Mutual Benefit Association. The NCUA was appointed as receiver and liquidator. Checks will be mailed to members. It was a small credit union with only 385 members. Please refer to the NCUA press release for more details.

Tiny credit unions appear to be more likely to be shut down when they fail rather than being assumed by another credit union.