BELOIT (WIFR) -- The National Credit Union Administration (NCUA) was appointed liquidating agent of First American Credit Union of Beloit, Wisconsin by the Wisconsin Office of Credit Unions on August 31, 2010.

NCUA immediately signed an agreement with First Community Federal Credit Union of Parchment, Michigan, to assume the assets and liabilities of First American Credit Union.

First American Credit Union’s members will experience no interruption of credit union service. Their accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to at least $250,000.

First American Credit Union’s declining financial condition led to its closure and subsequent purchase and assumption.

First American Credit Union has 4 stateline branches which includes two in Beloit, and one in Janesville and Rockton.

First Community Federal Credit Union has $474 million in assets and serves approximately 61,000 members.