LOS ANGELES – State regulators closed tiny Second Baptist Church CU, the eighth credit union to fail in California this year.
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The state’s Department of Financial Institutions took over the $900,000 credit union and appointed NCUA has liquidating agent. The credit union’s 350 member accounts were transferred to Prosperity FCU, also doing business as Shell Southwest FCU.
The closing, the 24th credit union failure in 2009, follows recent California failures: The Members Own CU, Watts United CU, American River HealthPro CU, Valley CU, Kaiperm FCU, Sterlent CU, High Desert FCU, Cal State 9 CU and Golden Bay FCU.
