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Article: Samoa credit union liquidated by regulator. (American Samoa Government Employees Federal Credit Union, National Credit Union Administration) (Brief Article)
- Article from:
- American Banker
- Article date:
- July 22, 1994
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The National Credit Union Administration liquidated American Samoa's only credit union July 5 after a $5 million bailout effort failed.
Agency officials said they were investigating evidence of possible embezzlement and self-dealing by the management of the $9 million-asset American Samoa Government Employees Federal Credit Union.
"We tried to do our best to save it, but there was too big of a hole," said Bob Loftus, NCUA director of public and congressional affairs.
The $5 million spent by the agency represented various loans to the institution ...