Calif. regulators order small credit union closed
(AP) — California banking regulators have ordered the liquidation of a small Central Valley credit union — the first U.S. credit union to fail in 2010.
The California Department of Financial Institutions says that it ordered the closure of the Kern Central Credit Union in Bakersfield — a three-branch institution that had $34.9 million in assets and 8,400 members — because the credit union had inadequate funds.
The National Credit Union Administration was appointed as the credit union's liquidating agent, and has arranged the transfer of Kern Central's accounts to the Self Help Federal Credit Union, the California regulators said in a statement Friday.
Also Friday, the Federal Deposit Insurance Corp. said regulators had shut Horizon Bank, in Bellingham, Wash., the first U.S. bank to fail in 2010. Seattle-based Washington Federal Savings and Loan Association will assume the deposits of Horizon bank, which had assets of $1.3 billion and $1.1 billion in deposits as of Sept. 30.
The FDIC closed 140 banks last year.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
