NCUA Shutters Another CDCU

August 30, 2005, 1:00 a.m. EDT 1 Min Read

NEW YORK - (08/30/05) -- NCUA said last week it closed downHomesteaders FCU, another community development creit union, andmerged the insolvent institution into nearby Lower East SidePeople's FCU. It is the second CDCU to be absorbed this year byLower East Side People's FCU, which acquired the failed HenryStreet Settlement FCU in January. It is also the latest in agrowing list of dying CDCUs, which includes recent failures of D.Edward Wells FCU, Midwood FCU, Kor-Am FCU, Hacienda Community CUand Randolph County FCU. Separately, NCUA said it also closed downtiny Jilapuhn FCU, an East Point, Ga.-based credit union with just200 members and less than $150,000 in assets.

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