Bank and Credit Union Failures
We have been listing banks on the verge of failure and those banks likely to fail soon because their bank rating has fallen. Some notes regarding Orion Bank, based in Naples, Florida with offices in southwest Florida, their bank rating has fallen to an (E-) and it looks like Orion Bank of Florida may fail and soon. Caution to our readers – you may want to switch your account very soon, to a better rated bank.
Readers have asked if we can list credit unions. Readers have asked about comparable insurance for credit unions as banks have FDIC. Here is a partial quote regarding credit union insurance.
“The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions throughout the United States and its territories.
NCUA administers the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the United States government, the NCUSIF insures the member accounts in all federal credit unions and the substantial majority of state-chartered credit unions.” Link is here http://www.ncua.gov/
You will want to ask your credit union for a copy of their insurance agreement in the event of a credit union failure. Currently, there are about 190 credit unions in Florida. I will look at Florida Credit Unions first because there are many retirees. Remember, based on the star system, (5) stars is best and (1 ) star is worst rating. If you are doing business with a credit union having one or two stars, you might want to consider switching to another credit union to secure your fortune. No claim of solvency or insolvency is being made here just passing on information which is public record.
Credit Unions in Florida with a poor or weak rating as of September 2009:
(2-stars) Bay Gulf Credit Union Tampa, Florida
(0-stars) Community Trust F.C.U. Apopka, Florida
(2-stars) Fairwinds Credit Union Orlando, Florida
(2-stars) FCAMEC Federal Credit Union Tallahassee, Florida
(0-stars) Florida Episcopal F.C.U. Orlando, Florida
(2-stars) GTE Federal Credit Union Tampa, Florida
(1-star) Keys Federal Credit Union Key West, Florida
(0-stars) Mt. Sinai C.U. North Miami, Florida
(2-stars) PBC Credit Union West Palm Beach, Florida
(1-star) Sarasota Coastal Credit Union Sarasota, Florida
(2-stars) Space Coast Credit Union Melbourne, Florida
(2-stars) SunCoast Schools F.C.U. Tampa, Florida
(2-stars) Tampa Bay Federal Credit Union Tampa, Florida
There are about four or five credit unions with no rating and the rest of Florida credit unions have 3, 4 and 5 stars. If a credit union has 2 stars it is equivalent to an alphabetical score of a (D) and 1 star is equivalent to an (E) rating. Consider, banks with a (D) rating have already failed so a bank does not have to have an (E) rating or (1-star) rating to fail, it can fail with a (D) rating or (2-star) rating.
Look for sound, local banks and credit unions with strong financial records. See our posts for a list of many banks.
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