DENVER — The $4 billion Security Services Federal Credit Union of San Antonio has been declared the successful bidder for assets of the $180 million New Horizons Credit Union, which went into NCUA conservatorship a year ago after getting into trouble on Centrix Financial subprime and construction loans, the state's top CU regulator announced Monday.
Under an NCUA management agreement signed Friday and an eventual purchase and assumption pact, the Texas CU will assume full control over the Denver CU by about July 1, said Chris Myklebust, the Colorado Commissioner of Financial Services.
"While I am sorry to be losing New Horizons as a state-chartered credit union, I am satisfied that the members will be well served by the new owners, " said Myklebust in a prepared statement.
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