Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
136.9 million-asset First American CU closed
ALEXANDRIA, Va. (9/2/10)--First American CU, a $136.9 million-asset credit union, was closed by state authorities Tuesday due to what regulators termed its declining financial condition. The National Credit Union Administration (NCUA) was appointed liquidating agent. First Community FCU, of Parchment, Mich., signed an agreement with the NCUA under which it assumes the assets and liabilities of the closed credit union and serves its almost 17,500 members. First Community, with its 12 branches, also serves those who live, work, worship, or attend school in and businesses and other legal entities located in Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, or Van Buren Counties, Michigan. It has $474 million in assets and serves approximately 61,000 members. First Community FCU is a full-service credit union with 12 branches in Michigan. First American CU's declining financial condition led to its closure and subsequent purchase and assumption. At closure, First American CU had $136.9 million in assets and served over 17,447 members. First American is the 15th federally insured credit union liquidation in 2010.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
8 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
9 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
11 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
11 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
11 hours ago