State Orders Closure and Liquidation of Watts United Credit Union

SAN FRANCISCO--(Business Wire)--
The California Department of Financial Institutions (DFI) today announced the
closure and liquidation of Watts United Credit Union, Los Angeles, citing
insolvency.

As of June 30, 2009, Watts United Credit Union had assets of approximately
$800,000 and about 1,000 member share accounts.

Immediately following the closure, DFI appointed the National Credit Union
Administration (NCUA) as Liquidating Agent.

The NCUA will issue checks to Watts United Credit Union members for verified
funds in their share accounts. Credit Union members` deposits are federally
insured up to $250,000 per account by the NCUA National Credit Union Share
Insurance Fund (NCUSIF).

The NCUA will announce their acceptance as Liquidating Agent of Watts United
Credit Union in a press release, which will be available on their Web site at
www.ncua.gov.

Watts United Credit Union was originally chartered in 1966. This is the first
state-chartered credit union closed by DFI in 2009.

DFI supervises about 700 state financial institutions. Maintaining the integrity
of financial services remains the primary mission of the Department. The DFI is
responsible for administering state laws regulating state-licensed financial
institutions: banks, credit unions, industrial banks, trust companies, offices
of foreign banks, issuers of travelers` checks and payment instruments (money
orders), and money transmitters. In addition to posting information about
licensees, the DFI Web site features consumer information on a variety of
financial topics and DFI consumer brochures available in seven languages.

The Department reports to Dale E. Bonner, Secretary of the Business,
Transportation and Housing Agency and Governor Arnold Schwarzenegger.

The California Department of Financial Institutions
Alana Golden, 916-323-7012 or 916-322-5966
Public Information Officer
www.dfi.ca.gov

Copyright Business Wire 2009