State regulators placed a financially struggling Trinidad credit union under conservatorship and handed control to federal officials Friday.
The National Credit Union Administration said Friday it assumed control of Trinity Credit Union for what it called declining financial condition. The Colorado Division of Financial Services had placed Trinity into conservatorship.
The 1,100-member credit union, serving residents of Las Animas County, reported about $4 million in assets in its most recent report to the NCUA.
Chris Myklebust, commissioner of the Colorado Division of Financial Services, said the manager of the credit union and the credit union’s volunteer board of directors have been “released” from their duties and no longer have any official capacity with the credit union.
He added that the credit union is very small and consisted of the manager and a part-time employee. Attempts to reach the former manager were unsuccessful.
Member services will continue uninterrupted, the NCUA said. Members can deposit and access funds and make loan payments. Deposits at Trinity Credit Union are protected by the National Credit Union Share Insurance Fund, which insures individual accounts up to $250,000 and joint accounts up to $250,000 per co-owner.
Trinity Credit Union is the fourth federally insured credit union placed into conservatorship in 2012.
