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2.5 million-asset Conn. CU closed
ALEXANDRIA, Va. (4/9/10)— Deficiencies in credit administration, lending practices, internal controls and auditing were cited as reasons Connecticut Banking Commissioner Howard F. Pitkin closed a $2.5 million-asset credit union in Bloomfield. The National Credit Union Administration (NCUA) announced Thursday that it accepted appointment as receiver and liquidator of South End Mutual Benefit Association, Inc., a state-chartered credit union that was chartered in 1945, and which served the residents of Hartford County and nearby communities. The credit union served 385 members at the time of its liquidation and the NCUA said its Asset Management and Assistance Center will issue checks within a week to members holding share accounts. Member accounts are insured up to at least $250,000 by the National Credit Union Share Insurance Fund, the federal fund managed by NCUA and backed by the full faith and credit of the United States government. The Connecticut Department of Banking said it took the supervisory action against South End Mutual Benefit Association after discussions with credit union management revealed its difficulty in meeting regulatory requirements and addressing deficiencies. It is the fifth federally insured credit union liquidated in 2010.
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