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twitterEnsign Federal Credit Union fails
EDS Credit Union of Plano, Texas, to continue operating Ensign’s Las Vegas-area branches
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.
Discussion: 18 comments so far…
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It is funny I have a home in Utah also. A person in my ward ask me why I have earthquake insurance. My answer so I don't loose everything, his answer let the bank eat it. I guess most LDS members are saying let them eat it instead of following church teaching of pay your loans.
mred, It's Carrie NO-JEANS now; haven't you heard?
How many loan defaults resulted from equity milling to pay tithing?
So why didn't the Mormon "church" take over the credit union? They're in the business of buying up businesses - quite a racket for a non-profit organization.
why did the staff take my comment off
larry5, "NONPROFIT" is only a tax status!
are they any relationship to the prominent ensign family
Yes dodgerchuck, it's owned by Sheckey Ensign.
Under no regulation CriminalBush who is surprised at this? Nobody. A completely unqualified SEC and FDIC and Office of the Comptroller General could care less as they jetted across the Atlantic with Sen Dashle and company for lunch at Antoine's on the Gauce. OH JAY the Butcher of Brentwood could have done a better job than any one of CriminalBushe's appointees, period. Thank You.
Most of these posts sound like those hidden messages found at the bottom of those Viagra spams. Just like those, they are totally irrelevant to the subject of the article. Living proof that I am surrounded by complete morons. Way to prove me right! (This message is not intended for those who actually post intelligent comments.)
Ensign is a universal word for FAILURE.
John Ensign the sexual predator is a visual aid.
ANYONE GET THEIR CAR REGISTERED YET? Las Vegas driver get ready for a 52% increase in one year. Harry Reid isn't doing anything period.
the church of More-women is hard at it again
tax exempting welfare god squads vying for your tax dollar
wake up Amerika and tax the god-squads
i FORGOT WHAT MY COMMENT WAS, BUT IT MUST HAVE HAD TO DO WITH TWO BOOBS? eNSIGN OR PREJEAN'S??
Seems like your moderating is lacking slightly, many of these are just moronic posts.
I can only hope the new EDS CU will be a positive for the Las Vegas Valley. But I will add as a member I have not yet received my letter from the old administration, I am wondering exactly when those letters were suppose to be mailed to members. A little late now. But hope for the best in the future