HUNTINGTON BEACH, Calif. – NCUA reported Friday it has approved the combination of NuVision Financial FCU with troubled E1 Financial CU, to create a $1.2 billion credit union.
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E1 Financial, based in Monterrey Park, is privately insured and has reported losses of $5.7 million for 2008 and $7.2 million for the first six months of this year. Those losses do not include expenses for the NCUSIF stabilization cost, which is not assessed privately insured credit unions. Deposits at E1 Financial are insured by ASI Inc.
