Another Utah Failure Gobbled Up By Out-Of-State CU Giant
AMERICAN FORK, Utah – NCUA said last night it liquidated Family First FCU and assigned the remnants of the one-time $170 million credit union to Security Service FCU, a Texas credit union giant.
Family First, which lost almost $17 million last year and had negative net worth at year-end, is the second Utah credit union failure to be acquired in recent months by $6 billion Security Service. It acquired Beehive CU, a one-time $210 million Salt Lake City credit union, in December.
Family First, run under NCUA conservatorship since July, is the second credit union failure so far in 2011 and the fourth big Utah credit union to go under in the past two years. The others were Southwest Community FCU and HeritageWest FCU, both of which were acquired by Virginia’s Chartway FCU.
Family First, chartered in 1947 to serve employees of the Geneva Steel Co., had just $119 million in assets when it was shuttered by NCUA.