PLYMOUTH, Minn. — NCUA announced this morning it has awarded the remnants of AM Community CU, a failed $135 million Kenosha, Wis., credit union, to TruStone Financial FCU under a purchase and assumption agreement.
NCUA took over the 79-year-old one-time Chrysler auto workers credit union in February. The credit union lost $1.5 million for the first six months of 2012 and had less than 2% net worth and is the 15th failure of the year.
AM was chartered in 1933 and serves any employee of Chrysler Corp., as well as residents of surrounding Kenosha and Racine counties.
TruStone Financial has $739 million in assets and more than 60,000 members and serves various employer groups and individuals who live, work, worship, or go to school in the cities of Minneapolis and St. Paul, Minn.