Against a backdrop of a groundswell of support to expand business lending authority, one outcome is becoming an unfortunate black eye on those efforts.
Some credit unions that have succumbed to financial collapse have been linked to massive losses in commercial real estate and member business loans.
The latest to fall was the $122 million AM Community Credit Union in Kenosha, Wis., which was placed into liquidation Aug. 1 by the Wisconsin Office of Credit Unions after the NCUA put the struggling cooperative into conservatorship in February. All of AM Community's members, deposits, core facilities and consumer loans were purchased and assumed by the $739 million TruStone Financial Federal Credit Union in Plymouth, Minn.
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
© 2024 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.
