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twitterAnother Vegas-area credit union fails
Saturday, Nov. 14, 2009 | 5:05 p.m.
Another Las Vegas-area credit union has failed, and its chief executive is blaming the struggling local economy for its financial losses.
Regulators on Friday liquidated the 48-year-old Ensign Federal Credit Union of Henderson.
EDS Credit Union of Plano, Texas announced that it worked out a deal to assume operations and will take over Ensign's member shares and certain assets.
EDS said it picked up $92 million in member shares and plans to continue operating the five Ensign branches in the Las Vegas area.
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.
Earlier this year, Cumorah Credit Union and Community One Credit Union failed.
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Information from: Las Vegas Sun, http://www.lasvegassun.com
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