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Centrix-Hit New Horizons Community CU Being Sold by Regulator

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...

By Jim Rubenstein | Updated on January 30, 2007

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.

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