Some industry sources are privately pointing to the weekend conservatorship of the $139 million Family First FCU of Orem, Utah as signaling perhaps a new NCUA policy of protecting the NCUSIF as it bypassed big CUs as a merger suitor.
A sampling of CEOs involved in the merger process expressed puzzlement as to why the NCUA skipped selecting one of some five CUs, including several from Utah, which submitted merger bids for Family First.
Instead, the agency sent letters to the large CU suitors that it chose "a different avenue" for Family First. Thus Family First joins a list of troubled or failed small and medium size CUs that remain under NCUA management.
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