RIVERDALE, Utah — Members of Intermountain Credit Union today approved an emergency merger with America First Credit Union. The merger stems from a number of construction loans that went bad leaving Intermountain facing insolvency.
“We welcome Intermountain and the select employee groups it represents,” Rex Rollo, America First executive vice president and CFO, said.
America First said it will immediately begin the integration of the administrative staff, members and assets of Intermountain Credit Union into America First operations. That integration is expected to be completed by the end of the year.
Intermountain Credit Union requested the merger when it determined that it had insufficient income or capital to stay afloat.
Intermountain Board of Directors unanimously approved a proposition to merge with America First Credit Union on July 31. NCUA and the state Department of Financial Institutions also approved the merger.
NAFCU's chief economist, Tun Wai, yesterday warned that the sustained weakness of the economy could lead to an increase in cancelled new home contracts.
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