MOFFAT, Colo. – NCUA this afternoon took over Saguache County CU, a one-time $24 million community development credit union that has been operating under a state cease and desist order for two years.
The Commissioner of the Colorado Division of Financial Services appointed NCUA as conservator for Saguache County CU, which has been the recipient of Community Development Financial Institutions grant money in the past. The state placed the credit union into conservatorship due to a declining financial condition.
The credit union reported a $205,000 loss for the first six months of the year and net worth of less than 1% at mid-year, while assets had declined to $17.7 million.
