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News Now

Washington
No closed NCUA session Noralco bid still pending
ALEXANDRIA, Va. (12/11/07)—The National Credit Union Administration (NCUA) has no closed meeting scheduled for this week, although its online calendar published earlier in the year notes such a session. It is routine for a closed board session to follow an open board meeting and observers of the acquisition efforts surrounding Norlarco CU of Fort Collins, Colo. had been watching to see if the board took the opportunity of a December closed meeting to consider bids submitted by three credit unions. According to reports, Bellco CU, Greenwood Village; Ent CU, Colorado Springs; and Public Service Employees CU, Denver, have submitted bids to the NCUA. 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. Norlarco's delinquent loans totaled more than $65 million.


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