Tiny USA One Credit Union has imploded, and has been taken over by Credit Union 1 of Rantoul, Ill.,
USA One has/d 8,000 members and serves/d a market base in Matteson, a south Chicago suburb. The Illinois regulator ordered USA One closed “due to inadequate capital.” USA One’s allowance for loan losses had sharply lowered its capital ratios in recent months forcing the takeover.
More from The Credit Union Times:
Bad loans and a sharp drop in net capital to negative 4% figured in the failure last week of the privately insured, $38 million USA One Credit Union in Matteson, Ill., it was reported Monday.
The $681 million Credit Union 1 of Rantoul, Ill., took over USA One in a purchase-assumption deal arranged through American Share Insurance Inc., the private carrier named as liquidating agent by the state regulatory agency.