One Credit Union Closed

Actions Raise 2010 Tally to 161 Failed Institutions
One Credit Union Closed
Federal and state regulators closed one credit union on Friday, Oct. 29

This closure raises the total number of failed institutions to 161 so far in 2010.

The latest failure is:

The Union Credit Union, Spokane, Wash.

The Union Credit Union, Spokane, Wash., was closed by the National Credit Union Administration, which was appointed liquidating agent by the Washington Department of Financial Institutions after the DFI closed TUCU.

The NCUA entered into agreements with Alaska USA Federal Credit Union of Anchorage and Numerica Credit Union of Spokane to purchase and assume certain assets and liabilities of TUCU. TUCU members will immediately become members of Numerica Credit Union, and their accounts remain federally insured by the NCUA Insurance Fund up to at least $250,000.

Numerica Credit Union has $1 billion in assets and serves approximately 84,000 members. Alaska USA Federal Credit Union has $4.1 billion in assets and serves approximately 399,000 members.

TUCU had approximately $11.9 million in assets and served 3,115 members.





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