Credit Union 1 Acquires Another Private Insurance Failure
RANTOUL, Ill. – Credit Union 1, one of the largest privately insured credit unions, has agreed to merge into it another failed privately insured credit union, $14 million Elgin City Employees CU.
The $665 million Credit Union 1 has been active in mergers, acquiring two small credit unions in 2008, Douglas CU and J.W. Hobbs CU, and failed Cumorah CU, a privately insured, one-time $185 million credit union in Las Vegas.
Elgin City Employees CU reported a $2.1 million loss for 2010 and negative net worth of $665,000 at the end of the year. It was operating under a state regulatory cease and desist order.