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Security Service FCU to acquire Colorado-based CU
SAN ANTONIO, Texas (7/15/10)--Security Service FCU, San Antonio, Texas, has entered into a management agreement to acquire a Colorado-based credit union. The board of Norbel CU, Fort Collins, Colo., decided that the credit union should be acquired by another credit union. “They talked with several credit unions and selected Security Service,” John Worthington, Security Service vice president, told News Now. The two entered into a management agreement June 18 for the acquisition, which is subject to regulatory approval. Security Service has several staff members currently overseeing operations at Norbel. Security Service will have 19 locations in Colorado with Norbel’s five branches. Security Service has 36 service centers in Texas. “We’re already in Denver, Colorado Springs, and Pueblo,” Worthington said. The acquisition will expand Security Service’s presence in its “mountain region,” he added. Security Service has $5.6 billion in assets. Norbel has assets of $129 million.


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