RIVERDALE, Utah — Members of Intermountain Credit Union will be meeting on Oct. 28 to vote on whether or not to merge with America First Credit Union. The "emergency" merger is the result of a number of failed real estate loans that have left Intermountain facing insolvency.

Rex Rollo, executive vice president/chief financial officer for America First, said the situation stems from the tightening of credit and a slowdown in the real estate market. Specifically, construction loans were made to members who were either unwilling to go forward in building houses when the value unexpectedly and substantially decreased or who were unable to get long-term financing.

"So the loans came back on the credit union," Rollo said, adding that Intermountain's small size also came into play. Intermountain Credit Union has assets of about $40 million and a membership of about 7,200.

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