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News Now

CU System
Public Service CU to hire over 90 of Norlarco staff
DENVER (3/4/08)--Public Service CU (PSCU) officials said that they have made formal offers of employment to more than 90% of Norlarco CU staff, after signing an agreement to purchase assets of Norlarco Friday. “Out of 104 employees, we identified 100 in good standing that will embrace and adapt to our business ethics and management principles,” said David Maus, PSCU president/CEO. “Of those employees, we were able to extend employment offers to 94%.” The purchase and assumption of Norlarco CU by Public Service CU, a $637 million asset, Denver-based credit union, closed Friday (News Now Feb. 28). 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 Administration 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 (The Coloradoan Nov. 27). Norlarco CEO Bob Hamer was among those not rehired. Only three employees, who were in good standing, and sought employment with PSCU, were not offered a position. Those individuals were provided with a severance package that included three months of salary and outplacement services, according to PSCU. “We feel fortunate to have such a large pool of local talent to help us move forward in a new direction,” Maus said. “We want to be the new, local, premier lender with the focus on our members, rather than Norlarco’s previous business model. We’re committed to serving our members and becoming an active partner in this community.” Employees will assume their new roles immediately, and there will be no interruption in service for the members, PSCU said. “With institutions of this size, combining operations and service will take a little bit of time,” Maus said. “However, there are some changes that members will notice immediately, such as more competitive rates, Saturday lobby hours and more favorable consumer lending options. We are committed to making this as easy and seamless as possible, and to keeping our members informed every step of the way.”


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