First American Credit Union, Beloit, Michigan

First American Credit Union, Beloit, Michigan, is the 15th credit union to be shut down nationwide this year.

First American Credit Union of Beloit has been taken over by a Michigan credit union.

First American was founded in 1933 by employees at Beloit Iron Works and expanded over the years to serve people in Rock, Green and Walworth counties in Wisconsin and in Winnebago County, Ill.

When it closed Tuesday, First American had $136.9 million in assets and more than 17,000 members, with branches in Beloit and Janesville and Rockton, Ill.

First Community Federal Credit Union of Parchment, Mich., has signed an agreement with the National Credit Union Administration to take over the assets and liabilities of First American, with no interruption of service. Members’ accounts are federally insured by the National Credit Union Share Insurance Fund up to at least $250,000.

First Community has $474 million in assets, 61,000 members and 12 branches in Michigan.

First American reported a net loss of $1.2 million through June 30, after a 2009 net loss of $5.6 million, according to an NCUA report.

Be sure to visit the NCUA webpage for more information on First American Credit Union.