Two Federal CUs Conserved

Actions Raise 2011 Tally to 50 Failed Institutions
Two Federal CUs Conserved
The National Credit Union Administration placed two federal credit unions into conservatorship on May 4.

Two credit union failures raise the total number of 2011's failed institutions to 50 banks and credit unions that have been closed, acquired or conserved.

Hmong American Federal Credit Union, St. Paul, Minn.

The NCUA placed Hmong American Federal Credit Union of Saint Paul, Minn., into conservatorship. The credit union will remain open and operating, although services have moved to a new location. 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 continues to insure individual accounts at Hmong American Federal Credit Union up to $250,000. .

Hmong American Federal Credit Union has $2.7 million and currently serves 716 members.

Valued Members Federal Credit Union, Jackson, Miss.

The NCUA placed Valued Members Federal Credit Union of Jackson, Miss., into conservatorship. Valued Members Federal Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Valued Members Federal Credit Union's safety and soundness.

The National Credit Union Share Insurance Fund continues to insure individual accounts at Valued Members Federal Credit Union up to $250,000.

Valued Members Federal Credit Union has approximately $9 million in assets and 2,030 members.


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