Saguache County Credit Union Placed under NCUA Conservatorship

Member Deposits Insured up to $250,000, Member Services Uninterrupted

 

(July 22, 2011) Ė The National Credit Union Administration (NCUA) today assumed control of the operations of Saguache County Credit Union, a state-chartered, federally insured credit union headquartered in Moffat, Colorado.

 

The Commissioner of the Colorado Division of Financial Services appointed NCUA as conservator for Saguache County Credit Union. 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 Saguache County Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Saguache County Credit Union up to $250,000. The NCUSIF operates like the FDICís Deposit Insurance Fund for banks.

 

A Community Development Financial Institution, Saguache County Credit Union is a full service credit union that serves the residents of Saguache County, Colorado. In its last Call Report, Saguache County Credit Union reported $17.7 million in assets and 3,165 members. Members can continue to conduct normal financial transactions at each of Saguache County Credit Unionís three branch locations during the conservatorship.

 

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 membersí interests, or protect the NCUSIF. Saguache County Credit Union is the ninth federally insured credit union placed into conservatorship during 2011.

 

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