Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
1 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
2 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
4 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
6 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
6 hours ago