Two North Dakota Credit Unions Merge – One Conserved After Massive 2017 Losses

First Community and Citizens Community Credit Union announced their merger to create the dominant North Dakota credit union in 2018. With one wrinkle: One of them had to be seized by the U.S. government prior to the merger.

The Jamestown, N.D. Sun reported: “Citizens Community Credit Union announced this month it will take on the First Community Credit Union name after the two credit unions agreed to merge, according to a news release. FCCU President and CEO Steve Schmitz will lead both credit unions and the main office for the combined entities will be based in Jamestown, the release said.”

The Sun continued: The National Credit Union Administration removed the leadership of CCCU when the federal agency placed the credit union into conservatorship earlier this year. There were few details on why the NCUA called for the conservatorship, other than to say the agency discovered the credit union, with more than 11,000 members, was using “unsafe and unsound practices.”

Read more.

See the impact on taxes in your state.

Tell Congress: It’s time to reform credit unions.