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The Colorado Division of Financial Services has taken over the operations of Zion United Community Credit Union, a Denver-based credit union with 1,300 members and $4.2 million in assets.
Regulators did not say why they took over the credit union, which was started nearly five decades ago by Zion Baptist Church. Zions United, however, reported an $86,644 loss through Sept. 30 and a surge in delinquent loans, primarily mortgages, in the third quarter.
Zion United Community members are free to make deposits, access funds and make loan payments. Accounts are federally insured up to at least $100,000 per account by the National Credit Union Share Insurance Fund.
