DENVER — There's been no deal yet, but a dozen credit union groups, half from Colorado, may be bidding on the deeply troubled New Horizons Community Credit Union with a decision on a purchaser "weeks away," according to the state's top regulator.
The $180 million New Horizons, a victim of faulty construction loans and Centrix Financial subprime credits, was put into NCUA conservatorship in April 2006, but last month the state's commissioner of financial services, Chris Myklebust said problems had worsened calling the CU "critically undercapitalized" and in need of a purchase-assumption.
Representatives from a dozen CU groups took part in an informational "bidders' meeting" Feb. 8 conducted by the Colorado Division of Finance and NCUA at an airport hotel, said Myklebust.
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