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Friday, June 23, 2017

Citizens Community Credit Union, Devils Lake, North Dakota, Fails




Credit Union Failures 2017 continue with the National Credit Union Association seizing Citzens Community Credit Union, Devils Lake, North Dakota, on Friday, June 23, 2017. This is the seventh credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, New York, and North Dakota.

The NCUA stated, "NCUA placed Citizens Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations."

#7 Citizens Community Credit Union, Devils Lake, North Dakota
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Citizens Community Credit Union had approximately $201.3 million in total assets and 11,399 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 5 credit unions in conservatorship in 2017:

Placed In Conservatorship
5 Citizens Community Credit Union, Devils Lake, North Dakota, 6-23-17
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Seeking Alpha

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