CU Closes March 7; Failed Institutions Total 28 for Year

28 Failed Institutions so far in 2011
CU Closes March 7; Failed Institutions Total 28 for Year
Regulators closed one credit union on Monday, March 7, raising the year's total to 28 failed institutions so far in 2011. The latest failure:

Land of Enchantment Federal Credit Union of Santa Fe, N.M.

The National Credit Union Administration has placed Land of Enchantment Federal Credit Union of Santa Fe, N.M., into liquidation. Guadalupe Credit Union of Santa Fe, N.M., purchased and assumed Land of Enchantment's assets, liabilities and members.

Members of Land of Enchantment FCU will experience no interruption in credit union service, and their accounts remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund. Guadalupe Credit Union has $102 million in assets and serves approximately 10,500 members.

NCUA assumed control of operations at Land of Enchantment Federal Credit Union with a goal of continuing credit union service to the members at a safe, sound credit union.

At closure, Land of Enchantment Federal Credit Union had approximately $8.6 million in assets and served 1,593 members. The credit union was established in 1951 to serve the employees of the New Mexico Department of Public Welfare. This is the 5th federally insured credit union liquidation in 2011.


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