The Last Failed Institution of 2009

HeritageWest Federal Credit Union Becomes the Year's 171st Failure
The Last Failed Institution of 2009
As New Year's partygoers celebrated the start of 2010, banking regulators on Dec. 31 closed the 171st failed banking institution of the year.

The National Credit Union Administration (NCUA) on Friday liquidated HeritageWest Federal Credit Union of Tooele, Utah, and accepted Chartway Federal Credit Union's offer to purchase and assume the credit union.

With this final failure, 2009 went into the books with 140 failed banks and 31 failed credit unions - 131 more than the 40 banks and credit unions that failed in 2008, and by far the most of the decade.

Going into 2010, the Federal Deposit Insurance Corporation (FDIC) lists 552 "problem banks" -- the highest total since 1993.

The Latest Failure
With the Dec. 31 action, Chartway Federal Credit Union purchased and assumed HeritageWest Federal Credit Union's assets, loans and shares, enabling HeritageWest members to continue to receive uninterrupted credit union service.

HeritageWest Federal Credit Union's declining financial condition led to its closure and subsequent purchase and assumption by Chartway Federal Credit Union. At closure, HeritageWest Federal Credit Union had $311 million in assets and served 40,000 members.

Chartway Federal Credit Union is a full service credit union and its new members will have access to a broad array of financial services offered throughout the United States. With assets of $1.2 billion, Chartway FCU serves approximately 154,000 members located throughout the country. Chartway has 52 branch locations in Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, and Virginia and also serves its members through nearly 4,000 shared service locations nationwide.

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