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FORT COLLINS, Colo. — NCUA decided to stop the bleeding at Norlarco and notified members that the credit union would be acquired by another credit union in a purchase and assumption transaction. 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 conservatorship, NCUA Region V Director Melinda Love posted a letter to members on the CU’s Web site Oct. 26.

Now, Norlarco members know to expect an acquisition by year’s end that will provide uninterrupted financial services and have been reassured that the buyer will be a Colorado credit union “with a longstanding history of sound financial management,” covered by federal insurance. NCUA had worked closely with Norlarco management, said Love, to protect the CU’s assets and maintain its financial stability.

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