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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Last February when bidding first started there were as many as a dozen Colorado and out-of-state CUs interested in acquiring New Horizon's assets which has since been managed by an NCUA team sent from Washington.
Security Services is the 11th largest CU in the nation, noted Myklebust and under the management agreement, "Security Service will immediately get involved in the day-to-day operations and transition into a management role."
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