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Dozen CU Groups Show Interest in New Horizons Community Credit Union

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.

By Jim Rubenstein | Updated on February 20, 2007

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.

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