Connecticut Credit Union ClosedSouth End Mutual Benefit Assoc. is 5th Closed CU of 2010 The Connecticut Department of Banking on April 8 closed a Bloomfield, CT credit union and appointed the National Credit Union Administration as liquidating agent.
South End Mutual Benefit Association, Inc., a state-chartered credit union, had been under the control of the Connecticut Department of Banking after the state regulator determined the credit union was experiencing problems with its earnings, delinquency, and management.
It is the 5th failed credit union and 47th failed banking institution of 2010.
The NCUA Asset Management and Assistance Center will issue checks to members holding share accounts in the credit union within one week.
The credit union had $2.4 million in assets and served 385 members at the time it was liquidated. The credit union began operations in 1945 and served the residents of Hartford, County and nearby communities in Connecticut.