Stephen W. Kimbell, Commissioner of the Vermont Department of Financial Regulation, announced that he has taken possession of the Border Lodge Credit Union in Derby Line, Vermont, and closed it.
The Commissioner’s placed the Border Lodge Credit Union into liquidation and appointed the NCUA’s Board as liquidating agent after examiners found "issues that raised serious concerns."
Border Lodge Credit Union served 1,097 members and had assets of approximately $3.1 million.
Border Lodge Credit Union is the eleventh federally insured credit union liquidation in 2012.
Read the order.
Read NCUA's press release.
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