Banking officials plan to liquidate the assets of a Las Vegas credit union closed this month by federal regulators.
Some 9,000 accounts at the Deseret Federal Credit Union were turned over to Silver State Schools Federal Credit Union after the National Credit Union Administration closed the insolvent institution.Deseret, which primarily served members of the LDS Church, was ordered closed after continuing financial problems linked to real estate loans.
Deseret's problems surfaced in December when the NCUA halted real estate lending and named a new president.
Silver State President J. Alan Pughes said his credit union has taken over the accounts served by Deseret but did not assume its loans or assets.
Deseret's assets will be liquidated by the NCUA.
Pughes said the addition of 9,000 new customers will give Silver State nearly 30,000 customers. The credit union is ranked third in assets in the state.
"It's a good fit for us and it enables us to expand," he said.