Southern Wisconsin's poor economy and bad commercial real estate loans apparently figured in the Sept. 1 failure of the $137 million First American Credit Union of Beloit, Wis., which was taken over by a Kalamazoo, Mich., CU under the NCUA auspices.
The CU, located on the Wisconsin-Illinois state line and in the heart of a depressed auto manufacturing center, had been ailing for more than a year "and that's obvious when you look at the call reports," said Suzanne Cowan, director of the Wisconsin Office of Credit Unions.
Under an NCUA purchase and assumption transaction, the CU and its four branches were taken over by the $475 million First Community FCU of Parchment, Mich., which last January merged with another troubled CU in suburban Detroit, the $60 million Education CU of Southgate.
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