Regulators Take Over ColoradoCU

DENVER - (04/26/06) – Officials with the ColoradoDepartment of Regulatory Agencies announced Tuesday they havestepped in and taken under conservatorship New Horizons CommunityCU, the state’s tenth largest credit union. The stateregulator said it has changed the management of the $300 millioncredit union “in order to protect and preserve the interestsof the membership.” Officials would not disclose the reasonfor the takeover, one of the largest ever for a state charteredcredit union. New Horizons was chartered in 1934 as the creditunion for Gates Rubber employees, and now claims more than 26,000members.