Due to its "declining financial condition," the Saguache County Credit Union was placed into conservatorship by Colorado regulators and the NCUA was named the conservator, the NCUA announced Friday.
Saguache County CU, headquartered in Moffat, Colo., saw its losses grow from $17,781 in the first quarter to $204,779 in the second quarter, according to the Call Report filed with the NCUA. It has assets of $17.7 million and 3,165 members.
The community development credit union has shown a loss for every quarter for at least the past year, the NCUA report said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
