MOSS RIVER, Miss. – Singing River FCU said yesterday it has acquired Coastal Waters FCU, a failed one-time $7 million credit union in nearby Mobile, Ala.
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Coastal Waters had losses of $752,000 in 2008 and $996,000 for the first three quarters of 2009, just $5 million in assets and negative net worth.
Singing River has about $145 million in assets and reported net income of $1.5 million for the first three quarters of 2009.
The combined credit union will serve Jackson, George, and Greene counties in Mississippi; and a 25-mile radius around the former Coastal Waters' branch, which includes a portion of Mobile and Baldwin counties in Alabama.
