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Friday sees one CU seven banks closed

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ALEXANDRIA, Va. (4/26/10)--The National Credit Union Administration (NCUA) Friday assumed control of the operations of St. Paul Croatian FCU, headquartered in Eastlake, Ohio. The NCUA placed the federally insured credit union into conservatorship because of its declining financial condition, but noted that the decision to conserve the credit union enables the institution to continue normal operations “with expert management in place.” Members can continue to make deposits, access funds, make loan payments and use share drafts. St. Paul Croatian, with almost 5,400 members, is the second federally insured credit union conserved in 2010. Also on Friday, federal regulators closed seven banks, all in Illinois. That moved the number of U.S. bank failures up to 57 for the year. The largest of Friday’s closed banks was Broadway Bank, with $1.2 billion in assets; the smallest was Citizens Bank&Trust Company, with $77.3 million in assets. Both were located in Chicago. St. Paul Croatian, was chartered in 1943 and serves “members of St. Paul’s Croatian Parish in Cleveland, Ohio, spouses of persons who died while in the field of membership of this credit union, employees of the credit union, persons retired as pensioners or annuitants from the credit union, members of their immediate families, and organizations of such persons.” Member accounts are insured to at least $250,000 coverage provided by the National Credit Union Share Insurance Fund, and the NCUA noted that members with questions about their insurance coverage can contact NCUA’s Share Insurance Call Center at 1-800-755-1030, Press 1, Monday through Friday during normal business hours.