NCUA Reports $13b In NGN Sales ALEXANDRIA, Va.-NCUA reported that since October, the sale of NCUA Guaranteed Notes (NGNs) has netted $13.1 billion. In November, the agency completed the second and third offerings in the series, with the first transaction including a Class A1 offering of $613.2 million in notes which paid a fixed-rate coupon of 1.6% yearly, and a Class A2 offering of $1.361 billion in notes, paying 2.9%, and a Class A-PT offering of $1.786 billion in notes, paying 2.65%. The second transaction included $2.62 billion in Senior I-A notes and $2.862 billion in Senior II-A notes that were backed by floating rate securities. The notes will pay 0.37% and 0.47% annually, respectively, and are subject to yearly maximum note interest rate caps of 7%. The NGNs represent $35 billion of distressed assets that were conserved from failed and conserved corporate credit unions, and are fully backed by the U.S. Government. Natural-person CUs can invest in the NGNs.
First Northern, 1st North West Merge
FREEPORT, Ill.-First Northern Credit Union has absorbed via merger 1st North West FCU. The credit union held an event at 1st North West FCU's branch to mark the occasion; the branch brings to six the branches offered by First Northern.