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The financially troubled $77 million CTCE Federal Credit Union in Reading, Pa., will merge with the $3.2 billion Visions Federal Credit Union in Endwell, N.Y., on Dec. 1, according to a VFCU statement.

CTCE FCU’s net worth has plunged from 7.65% in 2008 to 3.76%, at the end of the third quarter 2013, according to NCUA financial performance reports. The credit union also has posted declining loan, fee and investment income for more than four years, which contributed to its total net income losses of $2.7 million from December 2009 to Sept. 30, 2013, NCUA financial performance reports show.

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Peter Strozniak


Credit Union Times

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