Friday, July 27, 2012

Trinity CU Placed into Conservatorship

The National Credit Union Administration (NCUA) assumed control of Trinity Credit Union, a state-chartered, federally insured credit union headquartered in Trinidad, Colo.

The Colorado Division of Financial Services placed Trinity Credit Union into conservatorship due to its declining financial condition.

As of March 2012, the credit union reported a delinquency ratio of 6.79 percent. In addition, the credit union reported a loss of $23,141 in the first quarter for 2012, after posting a loss of $134,278 for all of 2011.

The credit union had a net worth ratio of 10.87 percent as of March 2012 -- down from 15.36 percent a year earlier.

Trinity Credit Union serves the residents of Colorado’s Las Animas County. The credit union reported approximately $4 million in assets in its last Call Report.

Read the press release.
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