The $144 million Prime Financial Credit Union of Cudahy, Wis., once considered a failed CU and an early 2009 victim of the bankrupt, industry-run CUSO known as Central States Mortgage Corp., is back on its feet "as an independent" organization returning to normal operations.
Prime Financial had been under state conservatorship since March 2009. It was an investor, like nearly two dozen small Wisconsin and Illinois CUs in CSMC, which got into financial quicksand over faulty mortgage loans.
In a press statement, Prime Financial said it has resumed operations with a new board "a more stable market position and a clear path to build additional strength in the future."
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