Credit Union, Four Banks Shut Down

10824_closed Credit Union, Four Banks Shut Down Eastern New York Federal Credit Union, based in Napanoch, N.Y., is the first federally insured credit union to be liquidated in 2012.

Founded in 1961, Eastern New York Federal Credit Union had served approximately 6,800 members and had deposits of approximately $49 million before it was shut down by the National Credit Union Administration. USAlliance Federal Credit Union of Rye, N.Y., has assumed the liquidated institution's members, assets, loans and debts.

Four other financial institutions have also been closed, according to the Federal Deposit Insurance Corp.: BankEast of Knoxville, Tenn.; Patriot Bank Minnesota in Forest Lake, Minn.; Tennessee Commerce Bank in Franklin, Tenn.; and First Guaranty Bank and Trust Co. of Jacksonville, Fla.


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