BILLINGS, Mont. – Avanta FCU announced yesterday it has agreed to acquire ailing Summit CU to create the state’s third largest credit union, with almost $200 million in assets.
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Summit CU, which has seen its assets decline over the past two years to $58 million, reported a $3.1 million loss for the first three quarters and net worth of 5.9%, making it "moderately capitalized," under NCUA’s standards for prompt corrective action.
Avanta, which has almost $140 million in assets, reported net income of $1.1 million for the first three quarters.
