Hmong American Federal Credit Union Closes

Actions Raise 2011 Tally to 51 Failed Institutions
Hmong American Federal Credit Union Closes
The National Credit Union Administration closed one credit union on Wednesday, May 18.

Hmong American Federal Credit Union's closure raises the total number of failed institutions to 51 so far in 2011.

The latest failure is:

Hmong American Federal Credit Union

The National Credit Union Administration liquidated Hmong American Federal Credit Union of St. Paul, Minn., on May 18. The NCUA made the decision to close Hmong American Federal Credit Union and discontinue its operation after determining the credit union is insolvent and has no prospects for restoring viable operations.

Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA's Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.

At closure, Hmong American Federal Credit Union had more than $2.7 million in assets and served nearly 700 members.


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