NCUA Seizes Trinity Assets
The $4 million Trinity Credit Union of Trinidad, Colo., was placed under NCUA conservatorship by the Colorado Financial Division of Financial Services on Friday following reports of its declining financial conditions.
The 1,153 members of Trinity will not be affected by the conservatorship and will still be able to conduct all financial transactions normally, the NCUA said.
The NCUA said it will attempt to resolve any operating issues at the credit union, while also protecting members’ assets.
The NCUSIF insures individual and joint accounts up to $250,000. The NCUSIF will also protect IRA and KEOGH retirement accounts of up to $250,000.
There is currently no set date on which the conservatorship will end, the NCUA said.
Trinity Credit Union is the fourth federally insured credit union placed into conservatorship during 2012.