SAN ANTONIO –The NCUA's limit of three CU bidders for the purchase and assumption of Norlarco Credit Union in Fort Collins, Colo., has at least one other interested credit union wondering why they've been left out. ENT Credit Union, Bellco CU and Public Service CU are the only ones being considered by the agency.
But John Worthington, Security Service CU senior vice president, said given its past history of taking in troubled credit unions it seemed only sensible to allow it to bid for Norlarco. "We're the third largest credit union in Colorado in terms of assets and locations, so it only seems sensible to allow us to offer a bid," said Worthington.
Security Service opened service across the border with the purchase of four credit unions in recent years, including New Horizons CU in 2007. Worthington was not given a reason for Security Service being excluded, but he'd also heard that other credit unions were similarly perturbed.
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John McKechnie, NCUA director of public and congressional affairs, said that the agency had received "inquiries" from other interested bidders, but stopped short of saying they were complaints. "The Region V office has great latitude–for economic reasons– to limit the bidding process. It's a very painstaking process." The NCUA had planned to finalize the decision by yearend, but postponed it until early next year.
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