Spokane’s “The Union Credit Union” Closed by Regulators
October 30, 2010 1 Comment
State regulators shut down a Spokane credit union Friday — the first in 15 years — after its finances fell victim to high unemployment among members, who were mainly workers in the recession-battered construction industry.
The stated cause of the failure is interesting … unemployment? Who would have guessed?
Numerica Credit Union of Spokane Valley will take over the deposits of TUCU’s members. Here’s the official press release.
Earlier in the week, Spokane based AmericanWest Bancorporation announced it will file Chapter 11 bankruptcy and sell its branch structure to a private investment group.
2 local bank failures in one week…