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February 07, 2011

Oakland Municipal CU, 3 banks closed

NCUA on Friday announced the liquidation of Oakland Municipal CU of Oakland, Calif., and the immediate purchase and assumption of its assets, liabilities and members by Western FCU of Manhattan Beach.

Oakland Municipal is the first insured credit union liquidated this year, the agency said. At the time of liquidation, it had about $88 million in assets and 7,800 members. It was established in 1964 to serve employees of Oakland-area federal, state, and local government.

At year-end, it reported $7.4 million in delinquent loans and $3.1 million in charge-offs year to date, and was undercapitalized.

Also on Friday, the FDIC announced three bank closures that will result in aggregate cost to the Deposit Insurance Fund of $118.4 million. They are:

  • American Trust Bank (Roswell, Ga.), with $238.2 million in assets and expected to cost the DIF $71.5 million;
  • North Georgia Bank (Watkinsville, Ga.), with $153.2 million in assets and expected to cost the DIF $35.2 million;
  • Community First Bank – Chicago (Chicago), with $51.1 million in assets and expected to cost the DIF $11.7 million.

These three raise to 14 the total number of failed banks in 2011. See FDIC's failed bank list for more.

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