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FORT COLLINS, Colo. — After losing deposits and seeing members flee following a storm of bad publicity over losses from speculative real estate loans in southeast Florida, a raft of lawsuits and a five-month federal conservatorship, NCUA will stop the bleeding by merging Norlarco Credit Union.

A letter from NCUA Region V Director Melinda Love to members of Norlarco was posted to the CU’s Web site on Friday, Oct. 26, stating that after working to protect member assets and maintain financial stability “…NCUA representatives came to the decision to pursue the combination of Norlarco with another credit union. This transaction, known as a ‘purchase and agreement’ represents the most financially sound decision and is in the best interests of the membership.” The prospective CU partners are all in Colorado, but were not identified.

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