Tiny New York City CU Is 11th Failure For 2010

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NEW YORK CITY – NCUA yesterday liquidated Convent FCU, a $175,000 church-based credit union.

The 50-year-old credit union, which served 213 members of the Convent Avenue Baptist Church in New York City, is the 11th credit union failure in 2010.

Convent FCU hasn’t had more than $350,000 in assets in the past six years and had negative net worth when NCUA shut it down.

There were 28 credit union failures last year.

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