There’s still not much known about why the state stepped in last week to involuntarily liquidate the small, home-based, one employee Border Lodge Credit Union in Derby Line.
But there is a bit of good news for the credit union’s 1100 depositors. The National Credit Union Association (NCUA), which is the government agency that handles these things, had initially said it might take a couple of weeks before depositors had access to their money.
Now the NCUA has announced that checks of up to $10,000 dollars are being sent out to depositors. Those with larger deposits will have to apply to receive the balance.
Those who made loan payments to the credit union will be receiving payment coupons from NCUA.
We may know more about the circumstances that led to the forced closing later this month if documents regarding the case are unsealed in federal court.