Credit Unions are not immune

Regulators Seize Two Large Credit Unions: U.S. Central and WesCorp

You've probably never heard of them, but these two are big ($50 billion+ in total assets).

Tho two firms in question are 'wholesalers' and thus consumers will, for the moment, be unaffected, I, for one, had hoped that the non-profit depositor-owned credit union sector might have been one of the bright spots in the banking system in the past few years (as the greed factor was less at play, and they weren't into the wholesale securitization frenzy). But it looks, sadly, as though they too got caught up in the mess. Many of their assets have been marked down dramatically. US Central's having a conference call with member Unions on Monday to discuss implications

The crisis is spreading to every nook and cranny of the economy....

BTW, the Feds always seize banks on Friday evenings, when no one's paying attention. If we (when we) finally go down the nationalization route for Citi etc, expect a Friday 7pm announcement.