The National Credit Union Administration on Wednesday closed Community One FCU, Nevada's eighth-largest credit union.

America First FCU, a $5 billion-asset Riverdale, Utah, credit union, acquired some of the failed entity's assets, the agency said.

Community One, which had $160 million in assets, had been hurt by the troubled Nevada real estate market. It reported an $8.7 million loss for 2008, a $3.1 million mid-2009 loss and capital below 1%.

Under a purchase-and-assumption agreement, America First would buy the failed credit union's healthy assets and NCUA will assume the poor assets.

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