WASHINGTON – NCUA on Friday shuttered Borinquen FCU, a $7 million community development credit union it had conserved just two weeks before, the 11th credit union failure of the year.
Borinquen was chartered in 1974 to serve low-income community in Philadelphia.
The credit union was one of four federally insured institutions to fail Friday, along with $960 million First Chicago Bank & Trust, $717 million Colorado Capital Bank, Castle, Colo., and $67 million Signature Bank, Windsor, Colo.
The three bank failures make a total of 51 for the year.
