GARY, Ind. – NCUA yesterday approved the conversion of US#1364 FCU, a $62 million credit union base din nearby Merrillville, Ind., representing steel workers in nearby Gary, to a community charter serving 650,000 residents in surrounding Lake and Porter counties, in Indiana.
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The credit union, based just outside of Cook County, Ill. (Chicago), has been hart-hit by the problems in the steel industry in nearby Gary, which was once one of the centers of the industry in the midwest.
The conversion was approved yesterday by the NCUA Board, which was required to vote because it was a diverse community not approved before.
The credit union is healthy, with 8.8% net worth and low delinquencies and loan losses.
