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Miscellaneous

Failed Indirect Auto Loan Program Sunk Montana’s Summit CU

DEC 14, 2008 10:29pm ET

BILLINGS, Mont. – State regulators said last week the merger of Summit CU into Avanta FCU was precipitated by Summit’s charge-off of $2.7 million worth of indirect car loans, part of a $3.1 million loss the smaller credit union reported for the first three quarters of the year.

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