BILLINGS, Mont. – Members of Summit CU voted Tuesday to merge their troubled credit union into Avanta FCU, to create the state’s third largest credit union with almost $200 million in assets.
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Summit, which had $65 million in assets as recently as a year ago, charged off $3.9 million in bad loans in 2008, creating a $4.3 million loss for the year. The credit union was cited as undercapitalized by NCUA last fall. Since the start of the year the Billings-based credit union’s assets has dwindled to $53 million.
In October, Summit replaced its top managers. Billings School District 2 teachers started the state-chartered credit union in 1955. Today, Summit has nearly 7,000 members in eight Montana counties.
