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Norlarco Public Service CU merger expected to close Friday
FORT COLLINS, Colo. (2/28/08)--The purchase and assumption of Norlarco CU by Public Service CU, a $637 million asset, Denver-based credit union, is expected to close Friday. More details about staffing will be made available Friday, David Maus, Public Service CEO, told News Now. Public Service is finalizing staff plans and positions, and expects most people who work with members in branches to remain in their jobs, Maus said. “This is a historic day for Public Service Credit Union and the ‘New Larco,’” Maus said. “It’s ironic that the purchase and assumption should be consummated on Leap Year Day, because it’s a giant leap for both organizations.” 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 National Credit Union Adminstration 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 a Colorado newspaper. Bellco CU, Greenwood Village; Ent CU, Colorado Springs; and Public Service CU, Denver, had allegedly submitted bids to the NCUA (Coloradoan Nov. 27).


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