State officials seize Saguache County Credit Union

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The Denver Business Journal wrote:

Colorado’s Division of Financial Services assumed control of Saguache County Credit Union on Friday because of what officials called its deteriorating financial condition.

The National Credit Union Administration has been appointed conservator for the credit union and will operate it “for the foreseeable future,” a state annoucement said.

The credit union, with 3,165 members, has offices in Moffat, Crestone and Center, in the upper San Luis Valley of southern Colorado.

Its branches will remain open and members can carry out transactions as usual, state officials said. Deposits are insured through the National Credit Union Share Insurance Fund up to $250,000.

Saguache has about $17.7 million in assets.

For more information, visit http://www.dora.state.co.us/financial-services/homepublic.html.

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