1 CU Put into Conservatorship2011 Tally: 59 Failed Institutions
This action raises the total number of failed institutions to 59 so far in 2011.
The latest failure is:
BCT FCU, Binghamton, N.Y.
The National Credit Union Administration assumed control of service and operations at BCT Federal Credit Union of Binghamton, N.Y. While continuing normal member services, NCUA will work to resolve issues affecting the institution's safety and soundness. The National Credit Union Share Insurance Fund, like the FDIC's Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
Service to BCT Federal Credit Union's 3,911 members will continue uninterrupted. Members can continue to conduct normal financial transactions ” deposit and access funds, make loan payments, and use shares.
Deposits at BCT Federal Credit Union remain protected. Administered by NCUA, the NCUSIF continues to insure individual accounts at BCT Federal Credit Union up to $250,000.
BCT Federal Credit Union is the sixth federally insured credit union placed into conservatorship during 2011.