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Article: NCUA Liquidates Mich. Credit Union.(Huron River Area Credit Union)(National Credit Union Administration)(Brief article)
- Article from:
- American Banker
- Article date:
- November 20, 2007
- Author:
CopyrightCOPYRIGHT 2007 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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Weighed down by a large portfolio of failed South Florida real estate loans, Huron River Area Credit Union in Ann Arbor, Mich., was liquidated by the National Credit Union Administration and its remnants sold to Detroit Edison Credit Union, the federal regulator announced Sunday.
Huron River Area, formerly holding $320 million of assets, had reported three quarters of losses, totaling $59 million, mostly related to loans made in South Florida.
Under a purchase and assumption agreement, the $485 million-asset Detroit Edison bought the member deposits and seven branches of the Ann Arbor credit union. NCUA assumed the failed assets - about $170 million of ...
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Article: NCUA in Talks To Clean Up Fla. Real Estate Mess.(National ...
American Banker;
September 18, 2007 ;
700+ words
... ... not comment on the talks. The three credit unions, Norlarco Credit Union and New Horizons Community Federal Credit Union, both in Colorado, and Huron River Area Federal Credit Union, in Michigan, financed thousands of loans for new homes in ...
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