Federal regulators have shut down a North Dakota credit union, citing poor underwriting standards and lack of community support.

Turtle Mountain Federal Credit Union in Belcourt was closed Jan. 4 by the National Credit Union Administration. The NCUA said Wednesday that Turtle Mountain members would receive checks for their deposits, which are insured up to $100,000, within a week.

Chartered in May 1997, Turtle Mountain had only 492 members and $500,000 of assets. The NCUA said the institution suffered from high loan delinquency "that caused the credit union's financial condition to deteriorate."

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