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Chartway action ends 2009 liquidations
ALEXANDRIA, Va. (1/5/10)--Chartway FCU ended 2009 by assuming the assets, loans and shares of Toole, Utah-based HeritageWest FCU after the National Credit Union Administration (NCUA) approved the liquidation of HeritageWest on Dec. 31. HeritageWest was the 15th federally insured credit union to be liquidated in 2009. The NCUA also approved 15 credit union liquidations during 2008, and NCUA Director of Public and Congressional Affairs John McKechnie said that the NCUA would not predict how the number of liquidations or mergers would play out during the coming year. The National Credit Union Share Insurance Fund lost $116.5 million due to liquidations and assisted mergers as of Nov. 30, 2009, McKechnie said. A total of 140 banks closed during 2009. The 40,000 members of HeritageWest, which held $311 million in assets before its closure, will now be served by Chartway, which holds $1.2 billion in assets from 154,000 members located nationwide. Chartway serves its members through 4,000 shared service locations and an additional 52 branch locations in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia. McKechnie told News Now that the “two boards made the decision in the best interest of their respective memberships.” During the recent NCUA board meeting, which was held on Dec. 17, Chief Financial Officer Mary Ann Woodson reported that a total of 328 credit unions, holding nearly $41 billion of insured shares, were rated at CAMEL 4 and 5 status. This information, which reflected the status of these credit unions as of November 2009, represented a 27% increase over the amount of CAMEL 4 and 5 credit unions reported as of November 2008. CAMEL 4 and 5 credit unions are often in danger of failing or being liquidated.


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