Thursday, September 2, 2010

First American CU Closed by Regulators

The National Credit Union Administration (NCUA) was appointed liquidating agent of First American Credit Union of Beloit, Wisconsin by the Wisconsin Office of Credit Unions on August 31, 2010. NCUA immediately signed an agreement with First Community Federal Credit Union of Parchment, Michigan, to assume the assets and liabilities of First American Credit Union.

First American CU was significantly undercapitalized and reported 13.57 percent of its loans were 60 days or more past due. Slightly more than 27 percent of its business loans were delinquent as of June 2010. Approximately 68 percent of all delinquent loans at First American were business loans.

At closure, First American Credit Union had $136.9 million in assets and served over 17,447 members.

First American Credit Union is the 15th federally insured credit union liquidation in 2010.
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