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News Now

Washington
Public Service CU chosen to absorb Norlarco
WASHINGTON (1/25/08)--During yesterday’s closed board meeting, the National Credit Union Administration (NCUA) selected Public Service CU’s bid to purchase the assets and assume the shares of Norlarco CU of Ft. Collins, Colo. Public Service CU (PSCU) of Denver, Colorado, will provide Norlarco members with uninterrupted credit union service following consolidation of the two credit unions, said the agency. Norlarco was placed into conservatorship by Colorado state regulators in May after a number of its construction loans issued in Lee County, Fla., became delinquent. In July, the NCUA took control of the credit union and removed its board of directors. With assets purchased and assumed by PSCU following the liquidation, Norlarco members are guaranteed full member-owner rights at PSCU, said NCUA. PSCU was chartered in 1938, and has $623 million in assets with more than 76,000 members primarily located in the Denver and Colorado Springs areas. Chartered in 1959, Norlarco has assets of more than $290 million, and serves over 42,000 members. NCUA never identified the bidding organizations. However, Ent FCU, a $2.292 billion-asset Colorado Springs-based institution, confirmed it is one of three credit unions interested in purchasing Norlarco. The other was identified by the Nov. 27 issue of The Coloradoan newspaper as Bellco CU, Greenwood Village, Colo.


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