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Ent FCU Absorbs US Alliance, but Loan Losses Will Likely Be Charged Off

WINSTON SALEM, N.C. -- If you can say it and visualize it then you can save for it.

By Staff Writer | Updated on June 10, 2008

COLORADO SPRINGS, Colo. — Ent Federal Credit Union here has now finalized its merger with Denver’s troubled US Alliance Credit Union following US Alliance members’ approval of the merger by vote at a special meeting in early April. The merger had already won the stamp of approval from both CU boards, the Colorado Division of Financial Services and the National Credit Union Administration.

Jim Moore, senior vice president of Ent told Credit Union Times that, “we’re taking the portfolio as it exists. There’s been no separate deal, and nothing is going to NCUA.” Moore was referring to the sale of home equity loans prior to the purchase and acquisition of Cal State 9 Credit Union in Concord, Calif., by San Francisco-based Patelco Credit Union, where a portfolio of delinquent HELOC loans was sold before the deal was consummated.

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