TUCSON, Ariz. – Vantage West CU said Friday it has agreed to acquire First Edition Community CU, an ailing $39 million credit union serving employees of the Arizona Republic newspaper.
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First Edition has three offices, including a main office in north Phoenix, branches at the Arizona Republic building in downtown Phoenix and at a printing plant in the Deer Valley area. It reported a $991,000 in 2008 and a loss of $995,000 in 2009.
Vantage West has $1.1 billion in assets and reported net income of $430,000 for 2009, one of the few large credit unions in the state to stay in the black for the year.
