The Vermont Department of Financial Regulation on Friday closedthe $3.1 million Border Lodge Credit Union of Derby Line, Vt., andappointed the NCUA as liquidating agent.
|The VermontDepartment of Financial Regulation said it made the decision toliquidate the credit union to conserve the assets and protect theinterests of credit union members.
|At first glance, the credit union's financials show a healthyinstitution: the 1,097-member credit union reported a nearly$62,000 net profit as a Sept. 30 and 11.34% net worth. However,while delinquencies jumped from 1.61% as of March 31 to 2.69% as ofSept. 30, provision for loan losses fell during the same period,from 0.85% to 0.37%. The credit union also reported a big jump inreturn on assets during 2013, from 0.70% in the first quarter to2.69% in the 3rd quarter.
|Originally chartered in 1963, Border Lodge served employees ofvaried and approved occupational groups who work within OrleansCounty, Vt., and members of their immediate families. It is the11th federally insured credit union liquidation in 2012.
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