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NCUA takes action on two CUs in conservatorship
ALEXANDRIA, Va. (8/2/10)--The National Credit Union Administration (NCUA) last week was appointed liquidating agent of Fort Collins, Colo.-based Norbel CU, which was then purchased by Security Service FCU. And on Friday, the agency placed Family First FCU, Orem, Utah, into conservatorship. Security Service FCU, based in San Antonio, Texas, and which currently holds $5.6 billion in assets from 750,000 members, will acquire $120 million in assets and 16,098 members from Norbel. Security Service FCU President/CEO David Reynolds in a release said that the new members will “continue to receive seamless, uninterrupted service and will enjoy Security Service’s market-leading rates for deposit and loan products.” Although Security Service is based out of San Antonio, one-third of its members are situated in Colorado. The credit union also has several locations in Texas. In the conservatorship of Family First FCU, which NCUA attributed to a "declining financial condition," stemming from "problems in its loan portfolio," NCUA said its goal is to continue credit union service to the credit union's 19,476 members and ensure safe and sound credit union operations. The $139.5 million asset credit union provides service to people residing in Utah County, Utah. Members can conduct normal financial transactions at the credit union. For the full NCUA releases, use the resource links.
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