NORFOLK, Va. NCUA shuttered NCP Community Development FCU this evening and assigned the remnants of the year’s eighth credit union failure to nearby Chartway FCU.
A short while later NCUA closed tiny First Kingdom Community FCU, a $90,000 Selma, Ala., credit union, and assigned the remnants to Riverdale CU of Selma. First Kingdom, just six years old, is the year’s ninth credit union failure.
The NCUA closures came as the FDIC was shuttering $134 million Banks of Wisconsin, based in Kenosha, Wis., the year’s 14th bank failure.
NCP, chartered in 1999, had $1.6 million in assets and just 709 members and had been run under conservatorship by NCUA since February. NCUA said it made the subsequent decision to liquidate NCP and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
Chartway is based in Virginia Beach and has $1.9 billion in assets.
