Two More Credit Unions LiquidatedLatest Closures Raise 2010 Tally to 122 Failed Institutions The National Credit Union Administration closed two credit unions this week, raising the total number of failed institutions to 122 so far in 2010.
The latest failures are:
Certified Federal Credit Union of Commerce, Calif.
The NCUA liquidated Certified Federal Credit Union of Commerce, Calif., on July 31. The NCUA immediately signed an agreement with Vons Employees Federal Credit Union of El Monte, Calif., to assume the assets and liabilities of Certified.
Certified's members' accounts will experience no interruption in service and are federally insured by the National Credit Union Share Insurance Fund up to at least $250,000.
Certified had $37.6 million in assets.
Kappa Alpha Psi Federal Credit Union of Addison, Texas
The NCUA has placed Kappa Alpha Psi Federal Credit Union of Addison, Texas, into liquidation. The NCUA made the decision to close Kappa Alpha Psi FCU and discontinue its operation after determining the credit union is minimally capitalized and there are no reasonable prospects for the credit union to achieve adequate capitalization.
NCUA's Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in Kappa Alpha Psi within one week. Member accounts are insured up to at least $250,000.
Kappa Alpha Psi had $780,000 in assets.