SAN FRANCISCO (AP) ― California banking regulators have ordered the liquidation of a small Central Valley credit union — the first U.S. credit union to fail in2010.

The California Department of Financial Institutions says that it ordered the closure of the Kern Central Credit Union in Bakersfield — a three-branch institution that had $34.9 million in assets and 8,400members — because the credit union had inadequate funds.

The National Credit Union Administration was appointed as the credit union's liquidating agent, and has arranged the transfer of Kern Central's accounts to the Self Help Federal Credit Union, the California regulators said in a statement Friday.

Also Friday, the Federal Deposit Insurance Corp. said regulators had shut Horizon Bank, in Bellingham, Wash., the first U.S. bank to fail in 2010. Seattle-based Washington Federal Savings and Loan Association will assume the deposits of Horizon bank, which had assets of $1.3billion and $1.1 billion in deposits as of Sept. 30.

The FDIC closed 140 banks last year.
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