NEWS RELEASE — Department of Financial Regulation
Nov. 30, 2012
Clifford Peterson, General Counsel (802) 828-3301
MONTPELIER – Stephen W. Kimbell, Commissioner of the Vermont Department of Financial Regulation, announced today that he has taken possession of the Border Lodge Credit Union in Derby Line, Vermont, and closed it. Kimbell said the seizure was done in cooperation with U.S. Attorney Tristram Coffin, the Federal Bureau of Investigation and federal authorities from the National Credit Union Administration (NCUA).
“Our examiners discovered issues that raised serious concerns. I determined that exercising my authority to take over the Credit Union was the best way to protect depositors and the assets of the Credit Union,” said Kimbell.
The Commissioner added that account holders’ deposits are insured by the NCUA, a federal agency, up to $250,000. “Steps have been taken to ensure the credit union’s customers will be protected,” he said.
The Commissioner’s order also placed the Border Lodge Credit Union into liquidation and appointed the NCUA’s Board as liquidating agent.