Failed credit unions list: 2012-2024
Published on July 02, 2024
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6 min read
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.
Matthew Goldberg is a consumer banking reporter at Bankrate where he uses his more than 14 years of financial services experience to help inform readers about their important personal finance decisions.
René Bennett is a former writer for Bankrate, reporting on banking products and personal finance.
