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Southern Wisconsin’s poor economy and bad commercial real estate loans apparently figured in the Sept. 1 failure of the $137 million First American Credit Union of Beloit, Wis., which was taken over by a Kalamazoo, Mich., CU under the NCUA auspices.

The CU, located on the Wisconsin-Illinois state line and in the heart of a depressed auto manufacturing center, had been ailing for more than a year “and that’s obvious when you look at the call reports,” said Suzanne Cowan, director of the Wisconsin Office of Credit Unions.

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Peter Westerman


Credit Union Times

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