Member accounts federally insured, service to members continues uninterrupted
ALEXANDRIA, Va. (July 29, 2010) - The National Credit Union Administration (NCUA) today was appointed liquidating agent of Norbel Credit Union of Fort Collins, Colorado, by the Colorado Division of Financial Services (DFS); and Security Service Federal Credit Union of San Antonio, Texas, immediately purchased and assumed Norbel’s assets, liabilities and members.
The new Security Service Federal Credit Union members will experience no interruption in credit union service, and their accounts remain federally insured up to at least $250,000 by the National Credit Union Share Insurance Fund (NCUSIF). Security Service Federal Credit Union is a large, full service institution with $5.6 billion in assets and 750,000 members.
At closure, Norbel had approximately $120,038,129 in assets and served 16,098 members. The credit union was established in 1940 to serve the employees of Mountain States Telephone & Telegraph Company. This is the 11th federally insured credit union liquidation in 2010.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than 101
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.