KEARNS, Utah NCUA said it has approved the merger of Newspaper Employees FCU, a struggling, one-time $9-million credit union, into $142-million American United Family of Credit Unions, the latest in a growing list of newspaper credit unions being eliminated.
Newspaper Employees FCU, which represents employees of the Salt Lake Tribune, had assets of just $6 million at mid-year and reported losses for each of the past five years.
The end of the local newspaper credit union follows recent mergers of Hutchinson (Kansas) News CU, Bay Media FCU (the San Francisco Chronicle), and credit unions for the Boston Globe, New Orleans Times-Picayune, Arizona Republic, Charleston (W.Va.) Daily Mail, Madison (Wis.) State Capitol Times, and the Twin-Falls, Idaho Times-News.
