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.
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 the MyCreditUnion.gov website at any time for more information about their insurance coverage.