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When the tiny Saguache County Credit Union, plagued by losses for several years, was finally liquidated last spring, its 3,185 members faced not having another financial institution in the area to serve them.

By Michelle A. Samaad | Updated on July 10, 2013
When the tiny Saguache County Credit Union, plagued by losses for several years, was finally liquidated last spring, its 3,185 members faced not having another financial institution in the area to serve them.

Through a purchase and assumption agreement, the $150 million Aventa Credit Union took over the $17 million cooperative after a conservatorship that had been in place since July 2011 and the subsequent liquidation by the Colorado Division of Financial Services in March 2012.

Greg Mills, president/CEO of Aventa, said Saguache County CU was located in one of the lowest income counties in the state of Colorado. With its demise, residents here belonging to 6,500 households had no options to turn to.

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