NCUA Shutters Another CDCU

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NELSONVILLE, Ohio - (08/13/04) -- NCUA said Thursday it closed downAppalachian Development FCU, the latest community developmentcredit union failure. The tiny CDCU, with just $1 million inassets, is one of more than two dozen small credit unions thefederal regulator has tried to nurture through its communitydevelopment loan program but failed anyway. The tiny credit unionwas chartered just eight years ago and had about 1,600members.

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