DENVER — New Horizons Community Credit Union, the Denver CU that fell victim to construction loan losses and Centrix Financial delinquencies, is going on the auction block in a purchase- assumption deal ordered by the state's top regulator. The $180 million New Horizons, whose dire financial plight last April triggered a state and NCUA-engineered conservatorship, "can no longer survive as a going concern," said Chris Myklebust, the state's commissioner of financial services.
Despite the best efforts of the state and NCUA, the Denver CU, said Myklebust, remains "critically undercapitalized" and therefore his office has started the purchase assumption process for the CU's assets.
That process, said Myklebust, will be managed by NCUA, but interested parties should contact his office by Feb. 1.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
