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Okinawa Credit Association files for bankruptcy

Date Posted: 2001-11-02

Okinawa Credit Association made a public announcement on Friday at the Prefectural Bank Association in Naha that it would file for a bankruptcy with the Financial Agency.

As of July, the Association was reportedly ¥1.3 billion in red. Koza Credit Association has announced that it would absorb the failed credit association. The merger should be completed by March. This marks the first time that a financial organization has collapsed here since Okinawa’s reversion to Japan in 1972.

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