Faulty real estate loans and southern Wisconsin's high unemployment were key factors in the failure Wednesday of the $137 million First American CU and its subsequent FCU takeover, the state's top regulator said Thursday.
The Beloit Wisconsin CU was taken over after the failure by First Community FCU headquartered in Parchment, Mich.
Located on the border between Illinois and Wisconsin, First American had been on the NCUA and state watch list of troubled CUs for years "and that's obvious when you look at the call reports," said Sue Cowan, director of the Wisconsin Office of Credit Unions.
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