WASHINGTON—What are the Top 10 most expensive natural person CU failures of all-time?
The failure of Cal State 9 in 2008 cost the National Credit Union Share Insurance Fund $206 million, making it the most expensive natural-person credit union failure, with the shuttering of St. Paul Croatian ($170 million) coming in second.
Based upon information obtained from the National Credit Union Administration through a Freedom of Information Act, Keith Leggett, the former senior vice president and senior economist at the ABA, listed the 10 most expensive natural person credit union failures to the National Credit Union Share Insurance Fund.
Rounding out the top ten:
- Telesis Community CU ($77 million)
- Chetco FCU ($76.5 million)
- Huron River Area CU ($38.7 million)
- Taupa Lithuanian CU ($33.5 million)
- Eastern Financial Florida CU ($40 million)
- Ensign FCU ($30 million)
- Beehive CU ($27.6 million)
- High Desert FCU ($24.3 million)
Leggett said that the losses to the NCUSIF are based upon estimates at the time of the credit union's failure and are drawn from public documents.
“However, estimated versus actual losses may diverge,” Leggett clarified.