The Colorado Division of Financial Services appointed the National Credit Union Administration (NCUA) as liquidating agent of Saguache County Credit Union of Moffat, Colorado. Immediately following appointment as liquidating agent of Saguache County Credit Union, NCUA entered into an agreement with Aventa Credit Union of Colorado Springs, Colo., to purchase and assume membership shares and certain assets of Saguache County Credit Union.
The Colorado Division of Financial Services made the decision to liquidate Saguache County Credit Union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations. At the time of liquidation, Saguache County Credit Union served 3,185 members and had assets of approximately $17 million.
As of December 2011, Saguache was critically undercapitalized with a net worth ratio of 1.14 percent. The credit union reported that 8.09 percent of its loans were 60 days or more past due. The credit union reported that its only business loan has been delinquent for at least one year.
Saguache was placed into conservatorship on July 22, 2011.
Saguache County Credit Union is the third federally insured credit union liquidation in 2012.
Read the press release.
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