Regulators Close Texas Credit Union, Illinois Bank

Posted by Orb Staff on October 01, 2012 No Comments
Categories : Residential Mortgage

12487_closed Regulators Close Texas Credit Union, Illinois Bank A Texas credit union and an Illinois community bank have become the latest financial institutions to be shut down by regulators.

The National Credit Union Administration (NCUA) has liquidated El Paso's Federal Credit Union (EPFCU) of El Paso, Texas. NCUA made the decision to liquidate EPFCU and discontinue operations after determining the credit union was insolvent and had no prospect for restoring viable operations.

EPFCU served 1,035 members and had deposits of approximately $5 million, according to the credit union's most recent call report. NCUA's Asset Management and Assistance Center will transfer certain share accounts to El Paso Area Teachers Federal Credit Union. El Paso Area Teachers Federal Credit Union has $471 million in assets and serves approximately 55,000 members.

EPFCU is the ninth federally insured credit union liquidation this year.

Separately, First United Bank of Crete, Ill., was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Old Plank Trail Community Bank N.A. of New Lenox, Ill., to assume all of the deposits of First United Bank.

As of June 30, First United Bank had approximately $328.4 million in total assets and $316.9 million in total deposits. First United Bank is the 43rd bank failure this year.

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