Bank and Credit Union Failures to Date in 2008

Since January, 16 U.S. banks and credit unions have failed. Following is a list of the failed institutions.

January

Douglass National Bank, Kansas City, Missouri, with approximately $58.5 million in assets was closed. Liberty Bank and Trust Company of New Orleans, Louisiana has agreed to assume all deposits (approximately $53.8 million). (PR-7-2008)
The National Credit Union Administration approved Public Service Credit Union, Denver, Colorado purchase of assets and shares of Norlarco Credit Union, Ft. Collins, Colorado in January. Chartered in 1959, Norlarco has assets of more than $290 million, and serves over 42,000 members. NCUA Release MR08-0124

March

Hume Bank, Hume, Missouri, with approximately $18.7 million in assets was closed. Security Bank, Rich Hill, Missouri has agreed to assume the insured deposits (approximately $12.5 million). (PR-21-2008)

May

First Integrity Bank, National Association, Staples, Minnesota, with approximately $54.7 million in assets was closed. First International Bank and Trust, Watford City, North Dakota has agreed to assume all deposits (approximately $50.3 million). (PR-41-2008)
ANB Financial, National Association, Bentonville, Arkansas, with approximately $2.1 billion in assets was closed. Pulaski Bank and Trust Company, Little Rock, Arkansas has agreed to assume the non-brokered insured deposits (approximately $212.9 million). (PR-33-2008)
The National Credit Union Administration (NCUA) placed St. Luke Baptist Federal Credit Union of Laurelton, New York, into liquidation on May 3 because it determined the credit union was insolvent. At the time of liquidation the credit union, served 162 members and had assets of approximately $49,734. NCUA Release MR08-0505
The National Credit Union Administration (NCUA) placed Father Burke Federal Credit Union of Bronx, New York, into liquidation on May 12 due to insolvency. At the time of liquidation the credit union served 504 members and had assets of about $1.2 million. NCUA Release MR08-0512
NCUA selects Patelco Credit Union to absorb Cal State 9 Credit Union. Cal 9 had assets of $339 million and served nearly 29,000 members. NCUA Release MR08-0522-2

July

First National Bank of Nevada, Reno, Nevada, with approximately $3.4 billion in assets was closed. Mutual of Omaha Bank, Omaha, Nebraska has agreed to assume all deposits (approximately $3.0 billion). On June 30, 2008, First National Bank of Arizona, Scottsdale, Arizona, merged with First National Bank of Nevada and was included in this action. (PR-63-2008)
First Heritage Bank N.A., Newport Beach, California, with approximately $254 million in assets was closed. Mutual of Omaha Bank, Omaha, Nebraska has agreed to assume all deposits (approximately $233 million). (PR-63-2008)
IndyMac Bank, F.S.B., Pasadena, California, with approximately $32.01 billion in assets was closed. Non-brokered insured deposits and substantially all of the assets were transferred to IndyMac Federal Bank, F.S.B., Pasadena, California. The FDIC was named Conservator. (PR-56-2008)
NCUA liquidated Sterlent Credit Union and Patelco Credit Union purchased and assumed Credit Union's assets. Sterlent was located in Pleasanton, CA, and had $94.6 million in assets. NCUA Release MA08-0701
Meriden F.A. Federal Credit Union of Meriden, Connecticut was placed into liquidation by the NCUA on July 16. At time of liquidation the credit union had 206 members and assets of $337, 968. NCUA Release MR08-0716
On July 28 the National Credit Union Administration (NCUA) placed the New London Security FCU into liquidation. The New London, Connecticut credit union had 356 members and assets of $12.7 million in assets when it closed. NCUA Release MR08-0728

August

First Priority Bank, Bradenton, Florida, with approximately $259 million in assets and approximately $227 million in deposits was closed. SunTrust Bank, Atlanta, Georgia has agreed to assume the non-brokered insured deposits. (PR-65-2008)
Port Trust Federal Credit Union was absorbed by CPM Federal Credit Union of North Charleston, South Carolina on August 8. At the time of closing the Charleston, South Carolina credit union had 260 members and approximately $460,915 in assets. NCUA Release MR08-0805

About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.




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