ALEXANDRIA, Va. -- NCUA recently announced that it has selected the $623 million Public Service Credit Union to take over what remains of Norlarco Credit Union.
Norlarco had become saddled with bad real estate loans flowing from deals in Florida. The move brings 42,000 more members and $290 million in assets to Public Service, along with 180 SEGs located in nearby counties. NCUA began overseeing Norlarco in May of last year.
Three Colorado credit unions, Ent of Colorado Springs, Bellco of Greenwood Village, and Public Service of Denver, were in the running to absorb Norlarco.