Financial Shutdown Report for Friday June 10, 2011

Today we have a Credit Union that makes our list. Unlike banks credit unions are placed in conservatorship. Which means that the National Credit Union Association is operating it for a time. What happens next depends on a number of factors, but in the past some credit unions have been liquidated while others have been sold to another credit union. At this early date I have no idea what will happen to the credit union mentioned in today's press release.

The National Credit Union Administration (NCUA) today assumed control of service and operations at BCT Federal Credit Union of Binghamton, NY While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Deposits at BCT Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at BCT Federal Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
BCT Federal Credit Union is a full service financial institution that has been working for the Southern Tier’s Educational Community for 67 years. Service to BCT Federal Credit Union’s 3,911 members will continue uninterrupted. Members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares.
The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests,
or protect the NCUSIF.
BCT Federal Credit Union is the sixth federally insured credit union placed into conservatorship during 2011.
Members who have questions about the conservatorship may review the BCT Federal Credit Union Frequently Asked Questions document attached to this release.

Institutions Name	City/State	Acquiring Institution	Closing Date
BCT Federal Credit Union	Binghamton, NY	?? unknown at this time	June 10, 2011

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