The NCUA announced today that it had closed down Community One FCU of Las Vegas and its assets and shares were purchased by America First FCU.
Community One, which had $159 million in assets and 21,098 members, was hurt by the real estate and other economic problems that have been especially acute in Nevada.
According to its June 5300 Call Report, Community One's net income fell 95.3% in the second quarter of this year. Its net worth ratio was 0.55%, compared with 1.97% as of March 31. Delinquencies to total loans hit 5.23%. The ratio of its delinquent loans to net worth was 809% as of June 30, compared with 230% in March.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
