Washington’s The Union CU Is 27th CU Failure Of The Year

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SPOKANE, Wash. – State regulators shuttered The Union CU Friday night and assigned the assets of the one-time $14 million credit union to giants Alaska USA FCU and Numerica CU.

The Union CU, known until last year as Inland Empire Trades CU, had a $475,000 loss for the first three quarters of the year, and negative net worth at Sept. 30.

Alaska USA has been growing its west coast footprint by leaps and bounds the past two years, first by acquiring the California failures High Desert FCU and The Members Own CU, then by buying five branches from troubled Arrowhead Central CU, and with a deal earlier this month to acquire Transportation Northwest CU, a failed Seattle credit union.

Union CU, chartered in 1968 to serve the members of Bricklayers Union Local 3, was the 27th credit union failure of 2010.

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