W. Mich. credit union assumes finances of another
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Updated: 10:03 PM Sep 1, 2010
W. Mich. credit union assumes finances of another
Parchment, Mich.
A credit union headquartered in western Michigan is taking over the finances of Wisconsin-based First American Credit Union.
Posted: 8:06 PM Sep 1, 2010
Reporter: Associated Press
Email Address: Marcus.Wekenmann@wndu.com
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A credit union headquartered in western Michigan is taking over the finances of Wisconsin-based First American Credit Union.

The National Credit Union Administration said Wednesday that it signed an agreement with First Community Federal Credit Union of Parchment, Mich., to assume the assets and liabilities of First American Credit Union.

The NCUA says the Beloit, Wis.-based First American Credit Union's "declining financial condition led to its closure."

First American members will experience no interruption of service. Accounts are federally insured up to $250,000.

First Community Federal Credit Union is based about 45 miles south of Grand Rapids. It has 12 Michigan branches, $474 million in assets and about 61,000 members.
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