DENVER — Colorado Commissioner of Financial Services Chris Myklebust said today, “NCUA is calling the shots” on when and if the agency would start a bidding procedure in spinning off the troubled $400 million Norlarco Credit Union of Fort Collins now in a so-called “daylight conservatorship.”
“We have always been in a joint agreement on this,” said Myklebust referring to decisions made in July to replace the Norlarco board, but retain new management including Robert Hamer, the president/CEO and a former executive at Mission Federal Credit Union in San Diego.
Norlarco was plagued with bad residential construction loans made out of state to Florida developers, regulators have said.
Myklebust said any auction for Norlarco assets would follow the pattern of the state's bidding procedure taken last June for the failed New Horizons Credit Union of Denver, taken over by Security Service Federal Credit Union of San Antonio in a purchase/assumption transaction.
In the case of Norlarco, “a decision was made to leave the management team on board” for the interim, said Myklebust.
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