LAS VEGAS – State regulators late Friday closed down Cumorah CU, a one-time $210 million institution and the third credit union in the state to fail in recent weeks.
The $145 million credit union, which served members of The Church of Jesus Christ of Latter-day Saints, the Mormon Church, was privately insured by ASI and lost almost $12 million through the first three quarters of the year.
Credit Union One, a $550 million Illinois credit union, will assume the assets of the failed credit union, regulators announced. Cumorah has 60 employees, two offices in Las Vegas and two in Henderson.
The failure is the 23rd of a credit union this year and follows recent failures of Community One FCU in Las Vegas and Clearstar Financial CU in Reno.
