LOS ANGELES – NCUA yesterday shuttered tiny Comunidades FCU, a one-time $1.6 million credit union, and authorized the assumption of the majority of its 1,100 accounts by nearby Water and Power Community FCU.
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The credit union had just $660,000 in assets and less than 1% net worth.
The tiny credit union joins a growing list of California failures over the past two years, which includes Kaiser Lakeside CU, Watts United CU, American River HealthPro CU, High Desert FCU, Valley CU, Kaiperm FCU, Sterlent CU, Cal State 9 CU and Golden Bay FCU.
Water and Power Community FCU is a $480 million that serves 53,000 members.
