The $814 million Nevada Federal Credit Union, using an ad pitch hitting on "an out-of-state credit union" coming into town, wasted little time Thursday in soliciting business from members of the old Community One FCU of Las Vegas, which taken over Wednesday by Utah-based America First FCU.
On its Website and in radio ads, Nevada FCU asked, "Why do business with an out-of-state credit union?" when Nevada FCU "has been locally owned by Nevadans just like you since 1950 and we're ready to service you."
The $4.9 billion America First, based in an Ogden suburb, had submitted the successful bid to the NCUA to take over the $159 million Community First, which for months has sustained large loan losses in its mortgage portfolio ending up with net worth below 1%.
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