LAWRENCE, Mass. - NESC FCU has agreed to acquire troubled Lawrence Firefighters FCU, a larger nearby credit union that racked 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.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
