Friday, July 22, 2011

Saguache County Credit Union Placed into Conservatorship

NCUA assumed control of Saguache County Credit Union in Moffat, Colorado.

The Commissioner of the Colorado Division of Financial Services appointed NCUA as conservator for Saguache County Credit Union due to the credit union's declining financial condition.

As of June 30, Saguache County Credit Union reported $17.7 million in assets and 3,165 members.

The credit union reported a loss of almost $205,000 for the first six months of 2011.

The credit union's net worth ratio was 2.19 percent -- making it significantly undercapitalized. It reported that 5.05 percent of its loans were at least 60 days or more past due.

Read the press release.
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