It may have been a surprise to those outside Utah, but the takeover late yesterday by the $6 billion Security Service Federal Credit Union of the NCUA-conserved Family First FCU of Orem has been in the works since last October.

Indeed, under NCUA’s confidentiality rules the San Antonio CU has been operating the long-ailing Family First under a management agreement with the agency completing the liquidation and purchase/assumption Tuesday. Family First has been under NCUA conservatorship since last July.

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