- Associated Press - Wednesday, June 28, 2017

DEVILS LAKE, N.D. (AP) - The federal agency that oversees credit unions has taken over management of a troubled credit union in northeast North Dakota.

The National Credit Union Administration has placed Citizens Community Credit Union in Devils Lake into conservatorship, the Devils Lake Journal (https://bit.ly/2uhCIck ) reported.

The move to dismiss management and the board happened Friday, with the administration citing “unsafe and unsound practices at the credit union.” Spokesman John Fairbanks declined to comment on whether there is a criminal investigation.

Among those ousted was the credit union’s longtime president, Darwin Brokke, who was named the North Dakota Professional of the Year in 2014 by the Credit Union Association of the Dakotas. He didn’t respond to a message left by the Journal.

Fairbanks said customers can conduct their business as usual despite the federal agency taking over and putting a new management team in place.

“The credit union is still open. The member accounts are still insured,” he said. “People can still transact all their business, they can get their money.”

Fairbanks said his agency won’t be releasing much information about the reason for the credit union’s management switch.

It’s unclear how long the credit union will be in conservatorship.


Information from: Devils Lake Journal, https://www.devilslakejournal.com

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