LAS VEGAS, NV - A Credit Union in Henderson has failed because of the economy

LAS VEGAS (AP) -- Another Las Vegas-area credit union has failed, and its chief executive is blaming the struggling local economy for its financial losses.

Regulators on Friday liquidated the 48-year-old Ensign Federal Credit Union of Henderson.

EDS Credit Union of Plano, Texas announced that it worked out a deal to assume operations and will take over Ensign's member shares and certain assets.

EDS said it picked up $92 million in member shares and plans to continue operating the five Ensign branches in the Las Vegas area.

Ensign, which last reported $98 million in loans and other assets, had become insolvent with negative equity of $1.2 million.

Ensign served some 7,900 members of the Church of Jesus Christ of Latter-day Saints.

Earlier this year, Cumorah Credit Union and Community One Credit Union failed.

(Copyright 2009 by The Associated Press. All Rights Reserved.)