FORT COLLINS, Colo. — Of the three credit unions NCUA has indicated will bid on the purchase and assumption of Norlarco Credit Union here, only ENT Credit Union in Colorado Springs has confirmed that it is one of them.
"We've been asked to make a bid and the process is ongoing," said James Moore, ENT senior vice president of corporate communications. Moore said that ENT's proposal would be submitted according to NCUA's timeline, which is December.
Security Service CU of San Antonio, Texas, has expressed an interest in gaining a larger foothold in the Colorado service area (it already acquired New Horizons Community in Denver and now has a presence there and in Colorado Springs) but it was not asked by the NCUA to bid on Norlarco, a source said. It may submit a bid in the open process nevertheless.
Neither is Westerra CU, Denver, a partner candidate. Other likely candidates with the sufficient size and scale include Bellco CU in Greenwood Village; Elevations CU, Boulder; Credit Union of Colorado and Public Service CU, both in Denver.
While several sources at these CUs said that the Fort Collins area is attractive strategically, the management of a severely wounded real estate loan portfolio and the operating expenses associated with integrating such a CU compounded by lawsuits merits extreme caution, they said.
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