America First Federal Credit Union of Utah maintained that it was well aware of the state's deepening financial problems when it bought into an NCUA-engineered merger of the $159 million Community One of Las Vegas, now a division of the $4.9 billion Riverdale, Utah CU.
"We're well aware of the tremendous economic difficulties in Las Vegas but we're very optimistic about the long run," said John Lund, executive vice president of America First, which is in the process of formally merging Community One branches.
The Las Vegas CU, hit by severe real estate losses, fell into state and NCUA conservatorship Aug. 11 with America First being the winning bidder.
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