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Fri November 30, 2012
Vermont Regulator Closes Border Lodge Credit Union
The Vermont Department of Financial Regulation has closed a Derby Line-based credit union and appointed the National Credit Union Administration to oversee its liquidation.
In a statement issued Friday, the Vermont's top financial regulator, Stephen Kimbell, says the seizure was done in cooperation with federal authorities and came after "examiners discovered issues that raised serious concerns."
He did not say what those concerns were.
He says the credit union's customers will be protected.
The Border Lodge Credit Union was first chartered in 1963. A recent report said it had 1,097 members and assets of approximately $3.1 million.
Accounts at the credit union are insured by the federal government for up to $250,000.
Copyright 2012 Associated Press. All Rights Reserved.