Member Deposits Protected up to $250,000; Member Service Uninterrupted
ALEXANDRIA, Va. (Oct. 1, 2012) – The National Credit Union Administration (NCUA) and the Colorado Division of Financial Services today announced the unassisted merger of Trinity Credit Union of Trinidad, Colo., with Power Credit Union of Pueblo, Colo.
The accounts of the new Power Credit Union members remain federally insured by the National Credit Union Share Insurance Fund up to $250,000. The new Power Credit Union members will experience no interruption in services.
Previously, the Colorado Division of Financial Services placed Trinity Credit Union into conservatorship July 27 and appointed NCUA as conservator. The merger occurred without assistance from the National Credit Union Share Insurance Fund.
Power Credit Union is a state-chartered, federally insured community credit union, which opened in 1938. Before the merger, Power Credit Union had $82.2 million in assets and nearly 11,400 members. As part of the merger, Power Credit Union will maintain a branch in Trinidad.
Trinity Credit Union had nearly 1,200 members and approximately $4.1 million in assets at the time of the merger. Chartered in 1939, Trinity Credit Union served the residents of Las Animas County, Colo.
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
98 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.