Community One FCU Closes, Members Now Served by America First FCU
Members Accounts are Safe and Federally Insured
August 12, 2009, Alexandria, VA, --
The National Credit Union Administration (NCUA) yesterday closed Community One
Federal Credit Union of Las Vegas, Nevada, and authorized the purchase and
assumption (P&A) of its assets and shares by America First Federal Credit Union
of Riverdale, Utah.
The America First Federal Credit Union P&A provides
Community One FCU members with uninterrupted credit union service. Community One
Federal Credit Union’s declining financial condition led to its closure. It had
$159 million in assets and served 21,098 members in Clark County, Nevada. This
is the 5th federally insured credit union liquidation in 2009.
America First
Federal Credit Union is a full service institution. It has $4.9 billion in
assets and serves approximately 495,939 members in and around the state of Utah.
Its headquarters is located at 1344 West 4675 South, Riverdale, Utah, and it has
88 branch locations and offers online transaction service as well.
Member
accounts are insured to at least $250,000 by the National Credit Union Share
Insurance Fund, a federal insurance fund backed by the full faith and credit of
the U.S. Government.
The National Credit Union Administration (NCUA) is the
independent federal agency that charters and supervises federal credit unions.
NCUA, with the backing of the full faith and credit of the U.S. government,
operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the
deposits of nearly 90 million account holders in all federal credit unions and
the vast majority of state-chartered credit unions. NCUA is funded by credit
unions, not tax dollars.