NCUA Sets Plan To Merge HDFCU

APPLE VALLEY, Calif.-High Desert FCU, which was placed under conservatorship by NCUA in October 2008 after losing $15.4-million in the first three quarters of the year, is to be merged with another credit union. But which credit union will make the purchase and assumption has yet to be identified, according to High Desert, which announced the pending P&A on its website. High Desert's new management had earlier indicated to Credit Union Journal that it was not looking to merge, even though capital had declined to just 2.3%. In December, 2008, HDFCU laid off 16 staff members. "Based upon a thorough review of High Desert, NCUA representatives have decided to combine High Desert with another credit union," the credit union is telling its members. "We expect the process to be complete by June 30, 2009. Rest assured NCUA has a strict process for analyzing credit union consolidations."