While it may not be considered an official "sand state," Utah's federally insured credit unions appear to be in worse shape than their southern neighbors.

In fact, the $140 million Southwest Community FCU, liquidated July 1, had more capital than four other Utah credit unions of roughly the same asset size. According to the NCUA call reports, the $121 million Transwest CU reported only 2.12% net worth as of March 31, the $157 Beehive CU only 2.14% net worth, and the $174 million Utah Central CU claimed 3.06% net worth. Further south in Orem, the $159 million Family First FCU reported only 2.72% net worth remaining.

In other sand states, the $635 million USA FCU has joined the ranks of the significantly undercapitalized; the San Diego-based institution reported just 3.84% net worth as of March 31. Less of a threat to the share insurance fund is the tiny $7 million Mission San Francisco FCU, with only 2% capital.

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