Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Norlarco Public Service CU merger expected to close Friday
FORT COLLINS, Colo. (2/28/08)--The purchase and assumption of Norlarco CU by Public Service CU, a $637 million asset, Denver-based credit union, is expected to close Friday. More details about staffing will be made available Friday, David Maus, Public Service CEO, told News Now. Public Service is finalizing staff plans and positions, and expects most people who work with members in branches to remain in their jobs, Maus said. “This is a historic day for Public Service Credit Union and the ‘New Larco,’” Maus said. “It’s ironic that the purchase and assumption should be consummated on Leap Year Day, because it’s a giant leap for both organizations.” Colorado state regulators placed Norlarco into conservatorship in May after a number of construction loans it issued in Lee County, Fla., became delinquent. In July, the National Credit Union Adminstration took control of the credit union and removed its board of directors (News Now Sept. 20). Norlarco's delinquent loans total more than $65 million, said a Colorado newspaper. Bellco CU, Greenwood Village; Ent CU, Colorado Springs; and Public Service CU, Denver, had allegedly submitted bids to the NCUA (Coloradoan Nov. 27).


RSS print
News Now LiveWire
Why is a #creditunion a good fit for you? http://t.co/i4pGT98mkT via @MONEY
13 hours ago
The numbers are in: Home Depot data breach impact on #creditunions = $57.4 million, 7.2 million credit/debit cards http://t.co/jorYSOYuxj
14 hours ago
.@Nussle : We'll back off when retailers accept their breach responsibility #NewsNow http://t.co/7WxDXicb6j
16 hours ago
RT @asmarterchoice: RT @daily_finance: Top 5 money management tips for 30-somethings http://t.co/mWRfDRSTE7
16 hours ago
Operational efficiencies focus of new @CUNA program #NewsNow http://t.co/qBYHKVYeQN
17 hours ago