West Hartford Credit Union Closes

[Pale Blue Dot]

Source: National Credit Union Administration

December 5, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) today accepted appointment as receiver/liquidator of West Hartford Credit Union, Inc., in Farmington Connecticut, following the State of Connecticut Department of Banking decision to close the credit union.

The Connecticut Department of Banking assumed control of West Hartford Credit Union, Inc. operations and appointed NCUA receiver after determining the credit union was experiencing problems with its capital level, earnings, delinquency, recordkeeping, and management.

At the time of liquidation, the credit union had $2.9 million in assets and served 1,206 members. The credit union began operations in 1950 and served Litchfield, Hartford, Middlesex, and New Haven Counties in Connecticut. This is the 14th federally insured credit union liquidated in 2008.

The NCUA Asset Management and Assistance Center will issue checks to members holding verified share accounts in the credit union within one week. The NCUA National Credit Union Share Insurance Fund insures credit union member deposits to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.

Read more: http://www.ncua.gov/news/press_releases/2008/MR08-1205.htm

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I believe this is the 15th or 16th credit union to fail this year. Since someone usually asks, here is a way to check your bank or credit union to help determine what kind of shape it's in:

http://www.bankrate.com/brm/safesound/ss_home.asp

[Joanne98]

1. I wonder if that has anything to do with Hartford Financial going up 102% today?

http://finance.yahoo.com/q?s=HIG

Anybody?

Here's their website. There are rumors that it went up because Merrill is going to buy.

BTW Off the subject. Is there anyway to stop the banks from using the bailout money for acquisitions?

[Pale Blue Dot]

3. I really doubt it.

This was a (relatively) tiny credit union located in a suburb of Hartford rather than the city itself.

That stock move is curious, however. I'll see what I can find.

[Joanne98]

4. Thanks FF!

:hi:

[Pale Blue Dot]

5. U.S. Stocks Jump as Hartford Surges on Boosted Profit Forecast

Dec. 5 (Bloomberg) -- U.S. stocks rallied, reversing an early slide, as Hartford Financial Services Group Inc. led a rally in insurers after increasing its profit forecast and saying it’s weathering the credit crisis.

Hartford, which tumbled 92 percent in 2008 before today, doubled and all 21 insurance companies in the Standard & Poor’s 500 Index advanced. Prudential Financial Inc. and MetLife Inc. climbed at least 22 percent as UBS AG said they may benefit from potential regulatory changes. The gains helped the market overcome a morning tumble spurred by government data showing the nation lost the most jobs in 34 years last month as the recession deepened.

“The bad news is out; people know the economy’s lousy,” said Barry James, president of James Investment Research in Xenia, Ohio, which oversees $2 billion. “The market is so oversold that we’re entering into what I’d call a bear-market rally.”

The S&P 500 rose 3.7 percent to 876.07 after retreating 3.2 percent earlier. All 10 industry groups advanced as the benchmark index for U.S. stocks pared losses in its fourth weekly retreat since October. The Russell 2000 Index of small U.S. companies climbed 4.9 percent to 461.09. The Dow Jones Industrial Average added 259.18 points, or 3.1 percent, to 8,635.42.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aZyewpK49m5s&refer=home

:shrug:

[Joanne98]

7. It's hard to tell.

:cry:

[JerseygirlCT]

8. Agree on the size -

the difference between burb and city isn't so pertinent in the area - what impacts Hartford impacts W. Hartford very much. Hartford's just not that big a place!

But I doubt there's any connection.

[Hugin]

6. They voted for 'No Strings' on the bailout.

So, there are no strings... Paulson is King.

[newscott]

2. Rich people don't need credit unions?