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Midwest Federal Savings and Loan was an American bank headquartered in Minneapolis, Minnesota that starting in the mid-1960s and collapsed in 1989. Its headquarters were located at 801 Nicollet Mall in what would later be called McGladrey Plaza. Midwest Federal was in business for ninety-nine years until its failure in 1989.
The National Credit Union Administration is the U.S. independent federal agency that supervises and charters federal credit unions. As of December 31, 2022, there were 4,760 federally insured credit unions in the United States with 135.3 million members.
In September 1990, a federal grand jury also concluded that the abuse allegations were unfounded and indicted 21-year-old Alisha Owen, an alleged victim, on eight counts of perjury. Owen served 4 + 1 ⁄ 2 years in prison. [10] The same federal grand jury later indicted King and multiple officers of the credit union with embezzlement of funds.
Stephen A. Rhoades, "Bank Mergers and Industrywide Structure, 1980–1994," Washington: Board of Governors of the Federal Reanuary 1996. ( Staff study 169 ) Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: Board of Governors of the Federal Reserve System, May 2004.
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Federal Deposit Insurance Corp. (FDIC) banks and National Credit Union Administration (NCUA) credit unions often offer both CDs and at least one savings account.
The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.