DENVER — In a follow-up to its plan to take over the failed $230 million Norlarco Credit Union of Fort Collins, Public Service Credit Union of Denver said last week it has selected high-profile industry figure Bob Hoel, formerly of the Filene Research Institute, to serve on the PSCU board and revamp operations.
The appointment of the retired executive director of the Madison-based think tank is subject to final approval from NCUA on the PSCU acquisition, a formality expected to take place at the end of February.
Hoel, currently a Filene Fellow in Residence, has long-standing ties to the old Norlarco CU that were in place well before the CU got into big financial trouble on out-of-state loans to Florida home developers last year and ended up under NCUA conservatorship and sale.
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Hoel was a Norlarco Board director for seven years–serving as chairman from 1987-1991–and is currently professor emeritus of business at Colorado State University, a major employer in Fort Collins.
In making the Hoel announcement, PSCU said it was "filling a newly vacated position" on its board, one created when a former PSCU director tendered his resignation to accommodate a position "for someone representing the Larimer County community."
"Technically, this appointment will not become official until the final deal is signed, which should occur later this month," said David Maus, president/CEO of the $637 million PSCU, which provided the winning bid for Norlarco's assets on Jan. 23, edging out Ent FCU of Colorado Springs and Bellco CU of Denver.
Last week it was learned that a fourth suitor–an unidentified bank–also submitted bids to NCUA but was turned down and had "objected" to the methods for bid approval. A spokesman for the Colorado Bankers Association said the bank has not made its case known and may decide not to go public with its complaint.
Meanwhile, PSCU has moved vigorously in the last two weeks to assure the Fort Collins public of Norlarco's stability with plans for Maus to appear in town hall meetings in the northern Colorado community and sitting for media interviews.
Maus has told Fort Collins reporters Norlarco had "lost sight of its mission and vision" in serving the community and had mistakenly diverted assets to an ill-fated out of state venture.
Regarding the Hoel appointment, a PSCU release noted that the former Filene executive frequently speaks about "credit union challenges and opportunities at meetings of credit union leaders, regulators, auditors and others." Hoel, said PSCU, has spoken at conferences and conventions in all 50 states plus Canada, Europe, Africa, Asia, Australia and South America.
"We feel so very fortunate to have someone with Bob's extensive academic background and ties to the Ft. Collins area community," said Maus. "He is one of the most recognized and brilliant minds in our industry."
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