OREM, Utah – NCUA reported yesterday that continuing loan losses at Family First FCU erased all of the one-time $170 million credit union’s capital last year, leaving it with negative net worth of almost $13 million, the latest big Utah credit union to become insolvent.
The troubles at Family First, a Utah County community charter took under conservatorship by NCUA last July 30, follows recent failures of Beehive CU, a one-time $200 million credit union in Salt Lake City, $175 million St. George-based Southwest Community FCU, and HeritageWest FCU, a one-time $330 million Salt Lake City institution.
Family First, which lost $2 million in 2008 and $5.8 million in 2009, reported a $16.8 million loss for 2010.
