ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) has notified members of Norlarco Credit Union, Fort Collins, Colo., today that the selection of a buyer of its remaining assets and operations will be delayed until January.
Region V Director Melinda Love, informed members that the “purchase and assumption” analysis of three credit unions vying to buy Norlarco is being considered very carefully in order to determine the best future for Norlarco member assets and the stability of the credit union.” ENT, Bellco and Public Service CUs are the three bidders for Norlarco.
The NCUA had projected the selection process to be complete in December 2007 and consolidation finalized in early 2008, wrote Love in a letter to Norlarco members that has been posted to its Web site. She again reassured members of the safety of the deposits through the NCUSIF and pledged to keep members informed of milestones in the process.
A source close to the ongoing negotiations told Credit Union Times that bidders might be showing reluctance in hopes of lowering bids.