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The trauma of Nevada credit union failures took its third victim last week, the $147 million Cumorah Credit Union of Las Vegas, the first major privately insured CU to collapse under the recession’s weight.

In a state reeling from 13.4% unemployment, deeply depressed tourist and casino industries and declines in construction, Cumorah, with 15,000 members, 60 employees and four branches, was taken over in an Oct. 23 purchase and assumption transaction by the $575 million Credit Union 1 of Rantoul, Ill. The transaction was approved by the Nevada Division of Financial Institutions.

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