Update: Bank closings for 3/20/2009; Two Large Corporate Credit Unions With $57 B in Assets and 3 Banks

2 corporate credit unions taken over by government
Regulators take over 2 big wholesale credit unions, seek to stabilize corporate credit unions

* Marcy Gordon, AP Business Writer
* Friday March 20, 2009, 9:59 pm EDT

WASHINGTON (AP) -- Federal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.

The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kan., and Western Corporate Federal Credit Union, in San Dimas, Calif. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets.

A conservatorship enables the government to operate a financial institution. Corporate credit unions provide financing and investment services to the much larger population of retail credit unions. Some of the 28 corporate credit unions in the U.S. have sustained steep losses on paper from the depressed value of the mortgage-linked securities they hold.

Continued:
http://finance.yahoo.com/news/2-corporate-credit-unions-apf-...

1. FirstCity Bank, Stockbridge, GA

On March 20, 2009, FirstCity Bank, Stockbridge, GA was closed by the Georgia Department of Banking and Finance and the FDIC was named Receiver. No advance notice is given to the public when a financial institution is closed.

2. Colorado National Bank, Colorado Springs, CO

On Friday, March 20, 2009, Colorado National Bank, Colorado Springs, CO was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

3. TeamBank, N.A., Paola, KS

On March 20, 2009, TeamBank, N.A., Paola, KS was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

http://www.fdic.gov/bank/individual/failed/banklist.html