The $4.8 billion America First Federal Credit Union, Utah's largest, has taken over the $50 million Mountain High FCU of Provo, Utah, in an NCUA supervisory merger.
The Provo CU had a $5.4 million loss in 2009 and a negative net worth following on a $1.7 million loss in 2008.
"It was a case of NCUA deciding that Mountain High had insufficient capital and could not continue," explained John Lund, executive vice president of America First, which is based in Riverdale, Utah.
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