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DENVER — Credit unions hit by the Norlarco failure are learning some harsh lessons about staying local and chasing yield, the chairman of the Colorado Credit Union Association William Sterner, warned Tuesday.

“It’s a matter of realistically evaluating the risks and understanding the business you’re in,” declared Sterner in a reference to the NCUA conservatorship of the $330 million Norlarco Credit Union of Fort Collins plus two other CUs, one in Michigan and the other in Denver that came under NCUA purview for risky real estate or subprime ventures.

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