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.