Aventa Credit Union of Colorado Springs has purchased assets of Saguache County Credit Union (SCCU) of Moffat, the Colorado Division of Financial Services announced Friday night.
The division seized SCCU last July 22 because of what officials called its deteriorating financial condition.
Friday, the division said in a statement that it "made the decision to liquidate SCCU and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations."
The agency appointed the National Credit Union Administration, which has operated SCCU since its seizure, as its liquidating agent.
> DBJ Special Report: Colorado's troubled banks.
SCCU has offices in Moffat, Crestone and Center, in the upper San Luis Valley of southern Colorado. It serves 3,185 members and has assets of about $17 million.
Its members will now be members of Aventa and services will continue as usual, officials said.
Aventa was launched in 1957 as the Colorado Springs city employee's credit union. It merged with the Pueblo city employees credit union in 2010.
With the SCCU acquisition, Aventa now has 21,000 members.
SCCU had been listed among six Colorado banks and two credit unions that seized SCCU last July 22 because of what officials called its deteriorating financial condition.
Friday, the division said in a statement that it "made the decision to liquidate SCCU and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations."
The agency appointed the National Credit Union Administration, which has operated SCCU since its seizure, as its liquidating agent.
> DBJ Special Report: Colorado's troubled banks.
SCCU has offices in Moffat, Crestone and Center, in the upper San Luis Valley of southern Colorado. It serves 3,185 members and has assets of about $17 million.
Its members will now be members of Aventa and services will continue as usual, officials said.
Aventa was launched in 1957 as the Colorado Springs city employee's credit union. It merged with the Pueblo city employees credit union in 2010.
With the SCCU acquisition, Aventa now has 21,000 members.
SCCU had been listed among six Colorado banks and two credit unions that received financial-health ratings of zero, the lowest rating, for the first quarter from Bauer Financial Inc., a Coral Gables, Fla.-based bank-rating company. All had zero ratings in Bauer?s last quarterly report as well.
The others were:
- Advantage Bank, Loveland.
- Champion Bank, Parker.
- Grand Mountain Bank, Granby.
- Mile High Bank, Longmont.
- Premier Bank, Denver.
- Rocky Mountain Bank & Trust, Florence.
- Gunnison Western Federal Credit Union, Gunnison.
The DBJ's Heather Draper contributed reporting.
Source: http://feedproxy.google.com/~r/vertical_26/~3/rUutvUiEXxY/troubled-saguache-county-credit-union.html
flip saunders apple earnings academy award nominations cynthia nixon joe biden cspan state of the union drinking game
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.