The conserved Citizens Community Credit Union in Devils Lake, N.D., which lost more than $8 million this year, plans to merge on January 1 with North Dakota's largest credit union, the $611 First Community CU in Jamestown, according to a prepared statement.
The NCUA placed the $185 million Citizens Community CU into conservatorship in June for unspecified safety and soundness issues.
"First Community Credit Union completed extensive due diligence, and while there were some loan issues, Citizens Community Credit Union was adequately funded to cover reserve requirements," First Community CU President/CEO Stephen Schmitz, said Tuesday. "We're excited about the opportunity to grow our credit union. With (CCCU's) 10 branches situated across the Devils Lake and Grand Forks markets, the Citizens Community Credit Union field of membership was very attractive to First Community Credit Union. Efficiencies to be gained across the branch network will provide strength and stability to our combined membership base moving forward."
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