Security Service FCU Grows Colorado Footprint With Deal for Failed CU

DENVER – Security Service FCU announced yesterday it has expanded its market in Colorado with the acquisition of New Horizons Community CU, which failed last year due largely to its exposure to subprime auto loans provided by Centrix Financial Services. Texas-based Security Service has operated in Colorado since 1980 and currently has nine branches in the state. The $4 billion credit union will acquire the assets of the Denver-based credit union in a purchase and assumption agreement from NCUA, which has operated New Horizons Community CU under conservatorship since last April. During that time the credit union’s has worked off as much as half of its assets, with Security Service acquiring $152 million in assets of the smaller institution. New Horizons was chartered in 1934 and operates four branches in Colorado.