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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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No Bank Failures But One Credit Union Liquidation - Update


No Bank Failures But One Credit Union Liquidation - Update

This is another Friday without a bank failure which is a surprise after last week's busy Friday in which 7 banks were closed. The total number of bank failures for 2010 remains at 139. However, one credit union was liquidated today. The NCUA issued a late press release today with the news that The Union Credit Union of Spokane, Washington was liquidated. It was a small credit union with just $11.9 million in assets.

That brings the total number of credit unions liquidated this year to 17. The NCUA arranged for two credit unions, Numerica and Alaska USA, to purchase and assume TUCU's assets and liabilities. According to the NCUA, "TUCU members will experience no interruption of service and immediately become members of Numerica Credit Union." The NCUA gave no indication if any members will lose uninsured deposits.

The FDIC did have some activity today. It released its September Enforcement Actions. The enforcement actions included 30 consent orders and 5 prompt corrective actions. PCAs are usually a very serious sign of an unsafe and unsound condition of the bank.

Below is a summary of today's credit union failure:

17th Credit Union Liquidation of 2010 (closed on Oct 29, 2010)

  • NCUA Press Release
  • Liquidated CU: The Union Credit Union (TUCU) of Spokane, WA
  • Size: $11.9 million in assets and served 3,115 members
  • Acquiring CU: Alaska USA FCU of Anchorage and Numerica CU of Spokane
  • Financial Ratings: 1 out of 5 with a Texas Ratio of 94.64% at DepositAccounts.com, 1 star at Bankrate.com, 0 star at BauerFinancial

The above ratings are based on June 2010 data.


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