ROCKFORD (WIFR) -- "If conditions didn't improve because of our size we knew at some point in time it became inevitable."

It's a sign of how widespread the nation's financial crisis has become. After nearly 80 years of history, First American Credit Union came tumbling down quickly.

The failed credit union now has a new owner after being purchased by Michigan-based First Community Federal Credit Union.

"First Community came in and purchased and assumed First American because of those difficulties."

First American, like many financial institutions, got heavily involved in commercial lending and it's fortunes sank with the economy.

"We had a history of serving small business. We began to see business after business close up, and delinquency began rising to the point where we needed help."

Despite the changes, Many of First American's 17,000 members say they haven't noticed any changes. While the First American name will remain,at least for now, the partnership could lead to more services.

"Higher dividends, better CD rates, we hope to add them here soon."

Right now, there are no plans to close any of First Americans 4 branches or cut any of the credit unions 70 employees.