OVERTON, Nev. – Utah’s America First CU said it has been approved by NCUA to acquire failed Moapa Valley CU, a one-time $76 million credit union with less than 3% net worth and $1.6 million of losses for the first quarter of 2012, in a purchase and assumption.
The $5.4 billion America First, which entered the Utah market three years ago by acquiring Las Vegas failure Community One FCU, will get four additional Nevada branches and 6,700 member accounts in the deal.
“The people and businesses in Nevada are among those who have been hit the hardest by the effects of our nation’s economic storm,” said John Lund, executive vice president of America First. “The situation with Moapa Valley is another case of insufficient capital and continued losses. However, the branches complement our growth plan and service areas, so we thank the NCUA for recognizing this and welcome these newest member-owners to America First.”
Nevada has been one of the hardest-hit states form the financial crisis and still has the highest unemployment rate in the country.