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Construction Loans Doom Utah CU

RIVERDALE, Utah -- Members of Intermountain Credit Union will be meeting on Oct. 28 to vote on whether or not to merge with America First Credit Union. The "emergency" merger is the result of a number of failed real estate loans that have left Intermountain facing insolvency.

By Staff Writer | Updated on October 28, 2008

RIVERDALE, Utah — Members of Intermountain Credit Union will be meeting on Oct. 28 to vote on whether or not to merge with America First Credit Union. The “emergency” merger is the result of a number of failed real estate loans that have left Intermountain facing insolvency.

Rex Rollo, executive vice president/chief financial officer for America First, said the situation stems from the tightening of credit and a slowdown in the real estate market. Specifically, construction loans were made to members who were either unwilling to go forward in building houses when the value unexpectedly and substantially decreased or who were unable to get long-term financing.

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