Financially troubled Altier Credit Union (Tempe, AZ) is being merged into America First Credit Union (Riverdale, UT) -- the 11th largest credit union in the country.
As I previously reported, Altier Credit Union had participated in taxi medallion loans, which adversely affected the credit union's operation. Due to large losses through the first 3 quarters of 2017, the credit union was significantly undercapitalized at the end of the third quarter of 2017.
Both the Arizona Department of Financial Institutions and the National Credit Union Administration have approved the merger.
The merger becomes effective on March 1, 2018.
After the merger is completed, America First CU will expand its footprint to Maricopa County, Arizona.
Here is the Altier merger FAQ.
Read the press release.
Where the hell has the NCUA been during the toxic turd ramp up of these taxi medallion loans? What is the NCUA excuse for Melrose CU, LOMTO CU, Proressive CU, Aspire CU, San Francisco CU and now Altier CU? You didn't see it coming? You must be kidding. You didn't see the mess at the corporate credit unions loading up on alt-a paper? You missed the load up, ramp up, bulk up, and now junk up of these loser loans? Where was the NCUA Capital Market Specialist? Where was the NCUA Examiner In Charge? Where were the 3 agency village idiots during this rape, pillage and plunder? What say Matz, Fryzel, Metzger? You could have put the brakes on with 3 words: Document Of Resolution. Or these 3 words: Do your job. The regulated credit unions have a ridiculous regulator. To the NCUA try these 3 words: You Are Fired. Off with your heads. The NCUA is a pseudo-agency. Accountable to no one. Responsible to no one. Expect more losses. Expect more assessments. Expect more of the same. The NCUA is consistently wrong 100% of the time. Meanwhile Altier CU reports negative income of $9.2M thru 9-2017 and a Net Worth of 2.3% Let's see how management gets greased like pigs at the trough with this merger.
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