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Credit Union Placed Into Conservatorship

ALEXANDRIA, Va. (July 22, 2011) – The National Credit Union Administration (NCUA) today assumed control of the operations of Saguache County Credit Union, a state-chartered, federally insured credit union headquartered in Moffat, Colo.
The Commissioner of the Colorado Division of Financial Services appointed NCUA as conservator for Saguache County Credit Union. The state placed the credit union into conservatorship due to a declining financial condition. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Deposits at Saguache County Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Saguache County Credit Union up to $250,000. The NCUSIF operates like the FDIC’s Deposit Insurance Fund for banks.
A Community Development Financial Institution, Saguache County Credit Union is a full service credit union that serves the residents of Saguache County, Colo. In its last Call Report, Saguache County Credit Union reported $17.7 million in assets and 3,165 members. Members can continue to conduct normal financial transactions at each of Saguache County Credit Union’s three branch locations during the conservatorship.
The Federal Credit Union Act authorizes the NCUA Board to accept appointment as conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the NCUSIF. Saguache County Credit Union is the ninth federally insured credit union placed into conservatorship during 2011.
Members who have questions about the conservatorship may review the Saguache County Credit Union Frequently Asked Questions document attached to this release.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 90 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.

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