Public Service CU taking over Norlarco
By David Milstead, Rocky Mountain News (Contact)
Published January 25, 2008 at 12:05 a.m.
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Public Service Credit Union will take over failed credit union Norlarco in a deal brokered by national credit union regulators.
Fort Collins-based Norlarco collapsed in May after concentrating its lending in Florida construction loans. More than one-fifth of the credit union's loans were more than 30 days late by midyear.
The National Credit Union Association removed the board and attempted to turn around the institution. Ultimately, it considered bids for the institution.
Public Service Credit Union, founded in 1938, has $623 million in assets and 76,000 members. Taking over Norlarco will give it an additional $290 million in assets and 42,000 members.
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