BILLINGS, Mont. – State regulators said last week the merger of Summit CU into Avanta FCU was precipitated by Summit’s charge-off of $2.7 million worth of indirect car loans, part of a $3.1 million loss the smaller credit union reported for the first three quarters of the year.
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Summit’s executives were replaced in October by an interim management team that has been running the $58 million credit union since then.
The combination of the two institutions will create the state’s third largest credit union with about $195 million in assets.
