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In a move projected weeks ago, another Nevada credit union, the $147 million Cumorah CU of Las Vegas collapsed over the weekend becoming the first major privately-insured CU to fall victim to the recession.

The buyer, arranged by the insurer American Mutual Share Insurance of Dublin, Ohio, was the $575 million Credit Union 1 of Rantoul, Ill. whose president/CEO, Paul Simons only became interim/CEO on Oct. 5, following the sudden resignation of its longtime head, Tony Mook.

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