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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.


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