SANTA ANA, Calif. – NCUA on Friday liquidated Mutual Diversified Employees FCU, the fourth credit union failure of 2010, and assigned the assets of the one-time $8 million credit unions to nearby giant SchoolsFirst FCU.
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SchoolsFirst FCU, with $8 billion in assets, purchased and assumed Mutual Diversified’s assets, loans and shares, enabling its members to continue to receive uninterrupted credit union service.
Mutual Diversified reported a whopping $3.7 million loss for 2009 and at closing had $6.1 million in assets, served 748 members and had negative net worth of $2.7 million.
Friday’s failure followed the Thursday liquidation of Friendship Community FCU in Clarksdale, Miss. There were eight California credit union failures last year.
