NEW ORLEANS – NCUA has approved the merger of The Times-Picayune Employees FCU, which served employees and retirees of the city’s daily newspaper, into New Orleans Firemen’s FCU, a $125 million credit union based in nearby Metairie.
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The Times-Picayune has had declining sponsor support and reported a tiny loss of $16,435 for 2009, even after an $89,000 for 2008, but had a whopping 33% net worth at year end.
The Times-Picayune credit union was one of two serving newspaper employees that were merged out last month. The other was First Edition Community CU, the $40 million credit union for employees of the Arizona Republic, which was combined with $1.1 billion Vantage West CU.
