Another crumbling rock
How bad is the current "recession"? Even the beautiful old U.S. Bank building in downtown Portland is upside down on the mortgage.
| Posted at 8:13 AM | Permalink |
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Comments (7)
This bankruptcy would appear to be a rather large hit to a credit union. Should we expect an early morning visit from Sheila Bair's itchy-fingered FDIC and an eventual internal auditor's assessment, as was done in the case of the Bank of Clark County?http://columbian.com/article/20090807/BIZ01/708079962/-1/BIZ
Posted by Gardiner Menefree | October 14, 2009 11:11 AM
As with the U.S. Custom House on NW Broadway, it's a reminder of how things were and aren't anymore.
Posted by David E Gilmore | October 14, 2009 11:50 AM
Gardiner, credit unions aren't under the FDIC. They are under the NCUA.
Posted by mike | October 14, 2009 4:56 PM
Thanks, mike, I feel better disposed toward cu's already.
BTW, "This American Life," which repeats on OPB (radio) 8-9 this evening, is offering a piece on the FDIC takeover of the Bank of Clark County, largely from an employee's POV.
Posted by Gardiner Menefree | October 14, 2009 6:14 PM
Its US 'Natinal' Bank not US Bank. Its a big pink difference.......
Posted by marcianofan | October 14, 2009 6:39 PM
I just looked up Telesis Community CU - they are based in Southern California - the home of toxic mortgages. Real estate experts have been warning about the next wave of Commercial Real Estate defaults for several months now. So, it's here, I guess.
Also, I didn't think credit unions were allowed under NCUA and state credit union rules to make commercial loans. $20+ Million! Rules must have changed. Damn that Bush!
They were apparently a real go-go CU. In July 2008, they offered a CD with "an extraordinary 10% Annual Percentage Yield for a 5-month term."
I can't find their financials, but I bet it's a grim picture.
Posted by JoWriter | October 14, 2009 9:21 PM
The financials should be here:
https://cuonline.ncua.gov/CreditUnionOnline/CU/FindCreditUnions.aspx
Charter Number: 68396
Credit Union Name: TELESIS COMMUNITY
Posted by Jack Bog | October 14, 2009 9:53 PM