DENVER — The planned acquisition of the failed New Horizons Credit Union of Denver by Texas-based Security Service Federal Credit Union gives the San Antonio CU a chance to broaden its Colorado footprint making it one of the largest CUs in the state, officials of Security Service FCU said Monday.
"We've had a Colorado presence since 1980 and so this is a good fit for us," said John Worthington, senior vice president. Security Service FCU was declared the successful bidder Friday for the assets of the $152 million New Horizons, which fell into NCUA conservatorship in April 2006 after it got into trouble on construction, real estate and Centrix Financial subprime loans.
The $4 billion Security Service already has 150,000 members in the state with nine branches in metropolitan Denver, Colorado Springs and Pueblo. Some 25% of total assets and members are in Colorado.
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Security Service FCU expansion represents another example of a large CU "which has the financial resources, products and services" to foster this kind of a merger, said Worthington. "Mergers are a way of life" in the current environment, he added.
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