ALEXANDRIA, Va. – There have been eight credit union failures so far this year, ahead of last year’s pace when there were 16 failures for the whole year.
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NCUA said there were seven failures in the first quarter, and last week’s failure of $10-million Wasau Postal Employees CU was the eighth.
The biggest failure of the year was Eastern New York FCU, a one-time $60-million credit union. Next biggest was Saguache County CU, a one-time $24-million Colorado credit union.
A credit union is considered to have officially failed if it is liquidated or merged with NCUA assistance.
Last year’s total of 16 failures was down from 28 in both 2009 and 2010.
