The NCUA announced today that it had closed down Community One FCU of Las Vegas and its assets and shares were purchased by America First FCU.
Community One, which had $159 million in assets and 21,098 members, was hurt by the real estate and other economic problems that have been especially acute in Nevada.
According to its June 5300 Call Report, Community One's net income fell 95.3% in the second quarter of this year. Its net worth ratio was 0.55%, compared with 1.97% as of March 31. Delinquencies to total loans hit 5.23%. The ratio of its delinquent loans to net worth was 809% as of June 30, compared with 230% in March.
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