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News Now

Washington
Kern Central is 2010s first failed CU
ALEXANDRIA, Va. (1/11/10)--Kern Central CU of Bakersfield, Calif., became the first failed credit union of the new decade after the National Credit Union Administration (NCUA) on Friday announced that Durham, N.C.-based Self-Help FCU would assume Kern Central’s assets and liabilities. Kern Central’s 8,400 members, who had a total of $34.9 million in assets in the credit union, will “experience no interruption of credit union service” as their memberships are transferred to Self Help. Self Help currently holds $75.2 million in assets from 15,000 members and will operate Kern Central’s three branch locations. Self Help currently has six branch offices in California and also serves members through 5,500 shared branching sites throughout the country. The NCUA liquidated a total of 15 credit unions during 2009.


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