Member Deposits Insured up to $250,000; Member Services Uninterrupted
(July 27, 2012) – The National Credit Union Administration (NCUA) today assumed control of service and operations at Trinity Credit Union, a state-chartered, federally insured credit union headquartered in Trinidad, Colo.
The Colorado Division of Financial Services placed Trinity Credit Union into conservatorship and appointed NCUA as conservator. The state placed the credit union into conservatorship due to a declining financial condition. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Deposits at Trinity Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Trinity Credit Union up to $250,000. The NCUSIF has the backing of the full faith and credit of the U.S. Government.
Trinity Credit Union serves the residents of Colorado’s Las Animas County. The credit union reported approximately $4 million in assets in its last Call Report. During conservatorship, service to Trinity Credit Union’s more than 1,100 members will continue uninterrupted. Members can continue to conduct normal financial transactions—deposit and access funds, make loan payments, and use shares.
The Federal Credit Union Act authorizes the NCUA Board to accept appointment as conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the NCUSIF. Trinity Credit Union is the fourth federally insured credit union placed into conservatorship during 2012.