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CU System
Who will buy Norlarco Decision expected in December
FORT COLLINS, Colo. (11/28/07)--Three Colorado credit unions have submitted bids to acquire Norlarco CU of Fort Collins, which was placed into conservatorship by the National Credit Union Administration (NCUA) in May. A decision is expected next month, according to a letter to members on Norlarco’s website. Bellco CU, Greenwood Village; Ent CU, Colorado Springs; and Public Service Employees CU, Denver, have allegedly submitted bids to the NCUA (Coloradoan Nov. 27). Of the three credit unions, Ent Vice President James Moore is the only one who has confirmed his credit union's bid to News Now. The bids likely will be considered at the next closed-session NCUA board meeting in a process used in similar situations in the past. However, John McKechnie, NCUA director of public and congressional affairs, told News Now that he could not confirm the date of the bid decisions or what items would be addressed at any closed NCUA meeting. The next closed board meeting is Dec. 13, according to the NCUA’s website. 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 NCUA 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 the Colorado newspaper. Norlarco CU’s letter to members details the bidding situation and says the credit union expects the bidding process to be completed next month, with consolidation finalized in early 2008. The Norlarco case could be handled similarly to that of Huron River Area CU in Ann Arbor, Mich., which was liquidated by the NCUA Nov. 19. Detroit Edison CU purchased and assumed members’ accounts (News Now Nov. 19). NCUA took over Huron River Area CU in February when it was placed in conservatorship by the Michigan Commissioner of the Office of Financial and Investment Services. Norlarco has $334 million in assets.
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