SALT LAKE CITY – Intermountain CU, a $41 million credit union suffering from declining income and troubled mortgage loans, will ask its members next week to approve a merger into America First CU, the state’s largest credit union.
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Intermountain said its board approached America First about a possible merger after troubles arose in Intermountain's construction-loan portfolio. Intermountain CU was chartered in 1954 as Associated CU.
America First, with $4.5 billion in assets, reported net income of $33.2 million for the first nine months of the year.
