Failed credit unions list: 2012-2024

Written by

Matthew Goldberg

and

René Bennett,

Edited by

Marc Wojno

Published on July 02, 2024 | 6 min read

Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy.

mages by GettyImages; Illustration by Hunter Newton/Bankrate

National Credit Union Administration (NCUA) credit unions had five conservatorships/liquidations in 2023, and one so far in 2024.

Similarly, there were five Federal Deposit Insurance Corp. (FDIC) bank failures in 2023 and one bank failure so far this year.

Before this, there were no FDIC bank failures from 2021 to the closure of Silicon Valley Bank on March 10, 2023. Notably, there were no credit union failures directly following the collapse of Silicon Valley Bank.

A credit union that resolves its operational problems can return to its status as member ownership, according to the NCUA. Conservatorships can merge with another NCUA credit union or it can be liquidated by the NCUA.

The below list consists of NCUA conservatorships and liquidations. They are conservatorships, mergers with NCUA assistance, voluntary liquidations and involuntary liquidations between 2012 and 2024.

The NCUA both operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which like the FDIC, is backed by the full faith and credit of the U.S. government. The standard share insurance coverage amount is $250,000, according to the NCUA. This is per share owner, per NCUA credit union, for each ownership category.

To find more information on checking and savings accounts, research credit unions in your area.

2012-2024 credit union conservatorships and liquidations

Conservatorships

Credit Union	Date closed	Status
1st Choice Credit Union, Atlanta, GA	06/14/2024	Active
Yonkers Postal Employees Credit Union, Yonkers, NY	07/28/2023	Merged
Edinburg Teachers Credit Union, Edinburg, TX	01/27/2023	Released
Valwood Park Federal Credit Union, Carrollton, TX	01/20/2023	Active
Richmond City Employees Federal Credit Union, Richmond, IN	12/12/2022	Merged
Mingo County Education Federal Credit Union, Williamson, WV	10/07/2022	Closed
O. F. Toalston Federal Credit Union, Logan, WV	10/07/2022	Closed
Pomona Postal Federal Credit Union, Pomona, CA	11/05/2021	Merged
Empire Financial Federal Credit Union, Jackson, NJ	05/24/2021	Closed
Edinburg Teachers Credit Union, Edinburg, Texas	03/26/2021	Released
C O Federal Credit Union, Charleston, SC	01/05/2021	Closed
Southern Pine Credit Union, Valdosta, GA	06/11/2020	Released
Municipal Credit Union, New York	05/17/2019	Released
Mid East Tennessee Community Credit Union, Decatur, TN	04/23/2019	Merged
Beverly Bus Garage Federal Credit Union, Chicago	03/14/2018	Merged
Ukrainian Future Credit Union, Warren, MI	02/23/2018	Merged
Louisville Metro Police Officers Credit Union, Louisville, KY	12/15/2017	Closed
LOMTO Federal Credit Union, Woodside, NY	06/26/2017	Closed
Citizens Community Credit Union, Devils Lake, ND	06/23/2017	Merged
Riverdale Credit Union, Selma, AL	06/22/2017	Closed
Community United Federal Credit Union, Waycross, GA	04/20/2017	Merged
Shreveport Federal Credit Union, Shreveport, LA	04/13/2017	Closed
Melrose Credit Union, Briarwood, NY	02/10/2017	Closed
Valley State Credit Union, Saginaw, MI	11/09/2016	Closed
Cory Methodist Church Credit Union, Cleveland	02/04/2016	Merged
Clarkston Brandon Community Credit Union, Clarkston, MI	01/13/2016	Merged
Helping Other People Excel Federal Credit Union, Jackson, NJ	10/16/2015	Closed
Montauk Credit Union, New York	09/18/2015	Merged
Bethex Federal Credit Union, Bronx, NY	09/18/2015	Closed
New Bethel Federal Credit Union, Portsmouth, VA	04/30/2015	Closed
Montgomery County Credit Union, Dayton, OH	04/23/2015	Merged
Health One Credit Union, Detroit	05/16/2014	Closed
Parsons Pittsburg Credit Union, Parsons, KS	01/24/2014	Closed
Bagumbayan Credit Union, Chicago	12/12/2013	Closed
Mayfair Federal Credit Union, Philadelphia	11/01/2013	Closed
PEF Federal Credit Union, Highland Heights, OH	06/21/2013	Closed
First Kingdom Community Credit Union, Selma, AL	05/16/2013	Closed
NCP Community Development Federal Credit Union, Norfolk, VA	02/08/2013	Closed
Trinity Credit Union, Trinidad, CO	07/27/2012	Merged
Telesis Community Credit Union, Chatsworth, CA	03/23/2012	Closed
A M Community Credit Union, Kenosha, WI	02/17/2012	Closed
People for People Development Credit Union, Philadelphia	01/06/2012	Closed

Mergers with NCUA assistance

Credit Union	Date closed	Status
Bay Ridge Federal Credit Union, Brooklyn, NY	10/01/2018	Merged
Good Street Baptist Church Federal Credit Union, Dallas	11/30/2017	Merged
Eaton Employees Credit Union, Spencer, IA	11/30/2017	Merged
Tri-Rivers Federal Credit Union, Montgomery, AL	10/31/2017	Merged
MADCO Credit Union, Edwardsville, IL	08/31/2017	Merged
Love Gospel Assembly Federal Credit Union, Bronx, NY	07/31/2017	Merged
Anchor Seven Federal Credit Union, Jacksonville, FL	11/01/2016	Merged
Cory Methodist Church Credit Union, Cleveland	09/01/2016	Merged
Immanuel Baptist Church Federal Credit Union, New Haven, CT	08/17/2016	Merged
Community Trust Federal Credit Union, Apopka, FL	01/01/2016	Merged
Northwest Baptist Credit Union, Seattle	10/01/2015	Merged
Quemado Federal Credit Union, Quemado, TX	09/30/2015	Merged
65 Family Federal Credit Union, New York	07/01/2015	Merged
Kolmar NY Employees Federal Credit Union, Port Jervis, NY	07/01/2015	Merged
New Mexico Correctional Employees Federal Credit Union, Santa Fe, NM	02/01/2015	Merged
Macon County School Employees Federal Credit Union, Decatur, IL	08/31/2014	Merged
Tombstone Federal Credit Union, Tombstone, AZ	05/01/2014	Merged
Oldham Family Alliance Federal Credit Union, Baltimore	03/31/2014	Merged
Union Settlement Federal Credit Union, New York	03/14/2014	Merged
Jayhawk Federal Credit Union, Lawrence, KS	02/28/2014	Merged
S J H Employees’ Credit Union, Springfield, IL	12/01/2013	Merged
Southside Credit Union, San Antonio	11/30/2013	Merged
Greater Oregon Federal Credit Union, Burns, OR	08/05/2013	Merged
Zane Trace Federal Credit Union, Zanesville, OH	06/30/2013	Merged
El Barrio Federal Credit Union, New York	11/16/2012	Merged
CR Community First, Eagle Butte, SD	09/04/2012	Merged
Branch 825 NALC Credit Union, Oak Brook, IL	06/30/2012	Merged
California Pacific Federal Credit Union, Concord, CA	05/24/2012	Merged
C.D. Federal Credit Union, Concord, CA	05/24/2012	Merged
H.A.A. Federal Credit Union, Houston	03/31/2012	Merged
H.B.E. Credit Union, Seward, NE	02/26/2012	Merged
Kunia Federal Credit Union, Waipahu, HI	01/06/2012	Merged

Voluntary liquidations

Credit Union	Date closed	Status
New Bethel Federal Credit Union, Portsmouth, VA	08/05/2015	Closed
Bagumbayan Credit Union, Chicago	01/21/2014	Closed
First Kingdom Community Federal Credit Union, Selma, AL	05/31/2013	Closed

Involuntary liquidations

Credit Union	Date closed	Status
Inter-American Federal Credit Union, Brooklyn, NY	03/08/2023	Closed
O. F. Toalston Federal Credit Union, Logan, WV	11/15/2022	Closed
Mingo County Education Federal Credit Union, Williamson, WV	11/15/2022	Closed
Paducah Teachers Federal Credit Union, Paducah, KY	09/30/2022	Closed
Empire Financial Federal Credit Union, New York, NY	03/04/2022	Closed
Portsmouth Schools Federal Credit Union, Portsmouth, VA	12/30/2021	Closed
C O Federal Credit Union, Charleston, SC	09/17/2021	Closed
Defense Logistics Federal Credit Union, Dover, NJ	07/01/2021	Closed
Indianapolis Newspaper Federal Credit Union, Indianapolis, IN	03/31/2021	Closed
IBEW Local Union 712 Federal Credit Union, Beaver, PA	05/29/2020	Closed
CBS Employees Federal Credit Union, Studio City, CA	03/29/2019	Closed
Radio, Television and Communication Federal Credit Union, Staten Island, NY	10/12/2018	Closed
LOMTO Federal Credit Union, Woodside, NY	09/30/2018	Closed
Melrose Credit Union, Briarwood, NY	08/31/2018	Closed
Greater Christ Baptist Church Credit Union, Detroit	07/31/2018	Closed
Louisville Metro Police Officers Credit Union, Louisville, Kentucky	06/29/2018	Closed
First Jersey Credit Union, Wayne, NJ	02/28/2018	Closed
St. Elizabeth’s Credit Union, Chicago	01/30/2018	Closed
Riverdale Credit Union, Selma, AL	12/04/2017	Closed
New York State Employees Federal Credit Union, NY	10/27/2017	Closed
Shreveport Federal Credit Union, Shreveport, LA	10/02/2017	Closed
Valley State Credit Union, Saginaw, MI	03/31/2017	Closed
Florida Conference AME Church (FCAMEC) Federal Credit Union, Tallahassee, FL	03/17/2017	Closed
First African Baptist Church Federal Credit Union, Sharon Hill, PA	11/29/2016	Closed
Servco Federal Credit Union, Bensalem, PA	04/05/2016	Closed
Cardozo Lodge Federal Credit Union, Bensalem, PA	04/05/2016	Closed
Chester Upland School Employees Federal Credit Union, Chester, PA	04/05/2016	Closed
Triangle Interests % Service Center Federal Credit Union, Bensalem, PA	04/05/2016	Closed
Electrical Inspectors Federal Credit Union, Bensalem, PA	04/05/2016	Closed
O P S EMP Federal Credit Union, Bensalem, PA	04/05/2016	Closed
Veterans Health Administration Credit Union, Detroit	03/29/2016	Closed
Education Associations Federal Credit Union, Washington, DC	03/04/2016	Closed
Mildred Mitchell-Bateman Hospital Federal Credit Union, Huntington, WV	02/24/2016	Closed
CTK Credit Union, Milwaukee	02/05/2016	Closed
First Hawaiian Homes Federal Credit Union, Hoolehua, HI	12/29/2015	Closed
Bethex Federal Credit Union, Bronx, New York	12/18/2015	Closed
Greater Abyssinia Federal Credit Union, Cleveland	12/01/2015	Closed
Helping Other People Excel Federal Credit Union, Jackson, NJ	11/20/2015	Closed
SWC Credit Union, Tampa, FL	09/24/2015	Closed
SCICAP Credit Union, Chariton, IA	08/28/2015	Closed
Lakeside Federal Credit Union, Hammond, IN	07/16/2015	Closed
Trailblazer Federal Credit Union, Washington, PA	07/10/2015	Closed
TLC Federal Credit Union, Tillamook, OR	04/30/2015	Closed
North Dade Community Development Federal Credit Union, Miami Gardens, FL	03/31/2015	Closed
American Bakery Workers Federal Credit Union, Philadelphia	01/30/2015	Closed
Health One Credit Union, Detroit	12/12/2014	Closed
Metropolitan Church of God Credit Union, Detroit	12/03/2014	Closed
County & Municipal Employees Credit Union, Edinburg, TX	10/10/2014	Closed
Republic Hose Employees Federal Credit Union, Youngstown, OH	09/30/2014	Closed
Louden Depot Community Credit Union, Fairfield, IA	09/05/2014	Closed
IBEW Local 816 Federal Credit Union, Paducah, KY	07/10/2014	Closed
Life Line Credit Union, Richmond, VA	05/23/2014	Closed
Mayfair Federal Credit Union, Philadelphia	03/31/2014	Closed
Parsons Pittsburg Credit Union, Parsons, KA	03/21/2014	Closed
St. Francis Campus Credit Union, Little Falls, MI	02/14/2014	Closed
Polish Combatants Credit Union, Bedford, OH	11/22/2013	Closed
Craftsman Credit Union, Detroit	09/06/2013	Closed
Taupa Lithuanian Credit Union, Cleveland. OH	07/15/2013	Closed
PEF Federal Credit Union, Highland Heights, OH	07/01/2013	Closed
Ochsner Clinic Federal Credit Union, New Orleans	06/28/2013	Closed
NCP Community Development Federal Credit Union, Norfolk, VA	05/31/2013	Closed
Electrical Workers #527 Federal Credit Union, Texas City, TX	05/23/2013	Closed
Lynrocten Federal Credit Union, Lynchburg, VA	05/03/2013	Closed
Shiloh of Alexandria Federal Credit Union, Alexandria, VA	04/12/2013	Closed
I.C.E. Federal Credit Union, Inglewood, CA	03/15/2013	Closed
Pepsi Cola Federal Credit Union, Buena Park, CA	03/15/2013	Closed
Amez United Credit Union, Detroit	02/19/2013	Closed
New Covenant Missionary Baptist Church Credit Union, Milwaukee	01/07/2013	Closed
Chetco Federal Credit Union, Harbor, OR	12/31/2012	Closed
Olean Federal Credit Union, Olean, NY	12/17/2012	Closed
G.I.C. Federal Credit Union, Euclid, OH	12/13/2012	Closed
Border Lodge Credit Union, Derby, VT	11/30/2012	Closed
Women’s Southwest Federal Credit Union, Dallas	10/31/2012	Closed
U.S. Central Bridge Corporate Federal Credit Union, Lenexa, KS	10/29/2012	Closed
El Paso’s Federal Credit Union, El Paso, TX	09/28/2012	Closed
United Catholic Credit Union, Temperance, MI	08/09/2012	Closed
A M Community Credit Union, Kenosha, WI	08/01/2012	Closed
Western Bridge Corporate Federal Credit Union, San Dimas, CA	07/06/2012	Closed
Telesis Community Credit Union, Chatsworth, CA	06/01/2012	Closed
Wausau Postal Employees Credit Union, Wausau, WI	05/18/2012	Closed
Shepherd’s Federal Credit Union, Charlotte, NC	03/26/2012	Closed
Saguache County Credit Union, Moffat, CO	03/23/2012	Closed
People for People Community Development Credit Union (CDCU), Philadelphia	02/19/2012	Closed
Eastern New York Federal Credit Union, Napanoch, NY	01/27/2012	Closed

Credit unions vs. banks

Deciding between a credit union and a bank depends on your priorities. While both offer similar financial services, their biggest differences are seen in the ownership structure, how they make money, service focus and regulation.

Banks are for-profit institutions that offer customers a diverse selection of financial products, more physical locations and advanced technology. Credit unions are not-for-profit and often offer higher interest rates on deposits, lower rates on loans and personalized service. Credit union membership often comes with specific eligibility requirements.

Because both banks and credit unions are federally insured, you can have confidence in the safety of your deposits.