LAWRENCE, Mass. – Officials with NESC FCU last week agreed to acquire troubled Lawrence Firefighters FCU, a larger nearby credit union that wracked up large losses from an ill-fated indirect auto lending program.
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The $40 million Lawrence Firefighters had a $1.7 million loss for 2007 and losses of $83,242 and $135,673 for the first two quarters of 2008, pushing its net worth to just over 4% at June 30.
NESC FCU, based in nearby Methuen, Mass., has $37.8 million in assets and more than 17% capital. The 50-year-old credit union mostly serves employees of the Internal Revenue Service in surrounding towns.
