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News Now

CU System
Hoel to represent Norlarco on Public Service CU board
DENVER (2/7/08)—Bob Hoel, former director of and now a fellow at the Filene Research Institute in Madison, Wis., and a former chairman of Norlarco CU, will serve on Public Service CU (PSCU)’s board of directors. Hoel joins the board after PSCU was awarded the right to acquire Norlarco CU’s assets by the National Credit Union Administration (NCUA). NCUA had placed Norlarco into conservatorship in May 2007 after the credit union lost money in construction loans in Florida (The Coloradoan Feb. 6). Hoel’s appointment will be official next month. His position was made possible because a board member resigned to make room for a Larimer County board member, PSCU President/CEO David Maus told the newspaper. Hoel, who chaired Norlarco’s board of directors from 1987 to 1991, said he will actively work to restore members’ faith in the credit union. The merger between Norlarco and PSCU is a “good thing” for Norlarco’s members. No money or equity was lost, he told The Coloradoan. The acquisition will add $230.5 million in assets, 100 employees, 42,000 members and six Larimer County branches to PSCU.


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