South End Mutual Benefit Association, Inc. Closes

Connecticut Department of Banking Appoints NCUA Liquidating Agent; Member Funds Are Insured

 

April 8, 2010 -- The National Credit Union Administration (NCUA) today accepted appointment as receiver/liquidator of South End Mutual Benefit Association, Inc., a state chartered credit union in Bloomfield, Connecticut, following the State of Connecticut Department of Banking decision to close the credit union.

 

The Connecticut Department of Banking assumed control of South End Mutual Benefit Association, Inc. operations and appointed NCUA receiver after determining the credit union was experiencing problems with its earnings, delinquency, and management.

 

At the time of liquidation, the credit union had $2.4 million in assets and served 385 members. The credit union began operations in 1945 and served the residents of Hartford, County and nearby communities in Connecticut. This is the 5th federally insured credit union liquidated in 2010.

 

The NCUA Asset Management and Assistance Center will issue checks to members holding share accounts in the credit union within one week. Member accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. Government.

 

The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.

 

Find a credit union by city, state, or name:

Find Local Credit Unions

Find a credit union

 


Order your credit report online

Special offer to credit union members. See your instant credit report.


Sponsored Sites

 

MERit Credit Engine for credit unions provides automated Internet credit report retrieval for scoring, system integration, three bureau merged and Open Standard XML reports.

 

Free credit report UK and Canada
Monitor your credit and protect against identity theft! Who checked your credit report recently, and what did they see?