DENVER – State regulators assumed control of Zion United Community CU Friday, the third financially troubled Colorado credit union taken under conservatorship this year.
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The $4.2 million community development credit union joins Norlarco CU and New Horizons Community CU, both of which were bankrupted by their exposure to speculative real estate loans in south Florida.
Zion Community, faced with rising delinquencies among its real estate and agriculture loans, had losses of almost $90,000 for the first three quarters of the year and net worth of just 4.4%.
