DERBY LINE, Vt. (AP) - 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.
Members with questions about their insurance coverage may contact NCUA's Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. (Eastern). Individuals may also visit MyCreditUnion.gov for more information about their insurance coverage.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.