America First merges with Moapa Valley Credit Union

America First Credit Union's purchase of a struggling credit union with branches in Lincoln and Clark counties has been approved by federal regulators, the National Credit Union Administration said Friday.

The Salt Lake City-based credit union's merger with Moapa Valley Credit Union is expected to close July 1. Terms of the deal were not disclosed.

"The situation with Moapa Valley is another case of insufficient capital and continued losses," John Lind, executive vice president of America First, said in a statement.

Lind said the deal was attractive because Moapa Valley's four branches, in Caliente, Moapa, Logandale and Overton, complement America First's "growth plan and service areas." America First operates seven branches in Las Vegas and Mesquite.

America First will assume assets, operations and most liabilities of Moapa Valley. According to the NCUA, Moapa Valley had assets of $62.3 million and 6,744 members.

Lind said Moapa Valley's four branches will continue to operate as usual in the transition to the America First brand in the coming months.

America First, founded in 1939, operates 105 branches in Utah and Nevada. It has $5.4 billion in assets and 576,000 members.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.