LAS VEGAS – NCUA said this morning it has closed down Community One FCU, the state's eighth-largest credit union which has been struggling amid the troubled Nevada real estate market, and the remnants of the troubled institution have been acquired by Utah credit union giant America First FCU.
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Community One, which had $160 million in assets, reported an $8.7 million loss for 2008 and a $3.1 million mid-year loss for 2009, and capital below 1%.
Under the so-called purchase and assumption agreement, America First, a $5 billion credit union based in Riverdale, Utah, will purchase the failed credit union’s healthy assets and NCUA will assume the poor assets.
