Feds seize U.S. Central Credit Union and TeamBank

Federal regulators put U.S. Central Credit Union in Lenexa into a conservatorship and seized TeamBank, which will reopen Saturday as part of Great Southern Bank.

U.S. Central, with 230 employees in Lenexa, does not directly serve consumers but provides services to traditional credit unions that do. The action protects deposits regular credit unions have at U.S. Central and Western Corporate Federal Credit Union in San Dima, Calif. The regulatory statement on U.S. Central can be found here.

All deposits at TeamBank, including uninsured balances, were transferred to Great Southern and are available to customers.