Saturday, Nov. 14, 2009 | 12:17 p.m.
Beyond the Sun
- Ensign Federal Credit Union members can find questions and answers about the change in ownership at http://www.ensignfcu.org/news.asp
Another Las Vegas-area credit union has failed, with regulators on Friday liquidating the 48-year-old Ensign Federal Credit Union of Henderson.
EDS Credit Union of Plano, Texas, with $771 million in assets, worked out a deal with the National Credit Union Administration to assume operations and will take over Ensign's member shares and certain assets, the credit unions announced Friday.
Ensign, which last reported $98 million in loans and other assets, had become insolvent with negative equity of $1.2 million. Ensign served some 7,900 members of the Church of Jesus Christ of Latter-day Saints.
EDS Credit Union said it picked up $92 million in member shares and plans to continue operating the five Ensign branches in the Las Vegas area.
"Due to the challenges in the local economy, including the dramatic decrease in home values and negative impact of unemployment, the financial losses suffered by the credit union over the past 18 months prompted a search for a suitable partner to serve our members. We are confident this is the best way to protect our member’s financial interest in our credit union,'' Ensign Chief Executive Diane Whitaker said in a letter to members.
Earlier this year, Cumorah Credit Union and Community One Credit Union had failed.