Due to its "declining financial condition," the Saguache County Credit Union was placed into conservatorship by Colorado regulators and the NCUA was named the conservator, the NCUA announced Friday.
Saguache County CU, headquartered in Moffat, Colo., saw its losses grow from $17,781 in the first quarter to $204,779 in the second quarter, according to the Call Report filed with the NCUA. It has assets of $17.7 million and 3,165 members.
The community development credit union has shown a loss for every quarter for at least the past year, the NCUA report said.
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