Alaska USA Federal Credit Union will buy the assets of High Desert Federal Credit Union, which the NCUA has been operating under conservatorship since October 2008.
High Desert, which is headquartered in Apple Valley, Calif., ran into trouble with its real estate portfolio and is no longer making those loans. On its most recent 5300 Call Report, its net worth ratio was -9% and had $109.7 million in assets. In 2008, it had assets of $190 million.
Alaska USA FCU, headquartered in Anchorage, Alaska, has $3.9 billion in assets and more than 350,000 members. It has 52 branches in Alaska and Washington and also serves its members through over 5,600 shared service center locations nationwide.
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