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Las Vegas Credit Union Fails

Mortgage News

Federal regulators have seized a Las Vegas credit union with more than 21,000 members.

The failure was announced today by the National Credit Union Administration.

The institution, Community One Federal Credit Union, was closed yesterday by the NCUA.

“Community One Federal Credit Union’s declining financial condition led to its closure,” the NCUA explained.

Community One had 21,098 Clark County, Nev., members.

Utah’s America First Federal Credit Union assumed Community One’s deposits and acquired its $159 million in assets.

America First has nearly 500,000 members and $4.9 billion in assets.

Credit union depositors are insured up to $250,000 by the National Credit Union Share Insurance Fund.

Including two corporate credit unions — seven credit union failures have been tracked so far this year by MortgageDaily.com. In all, 124 mortgage-related firms have closed during 2009.

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