FORT COLLINS, Colo. — With formal NCUA approval out of the way, Public Service Credit Union of Denver over the weekend continued its makeover of the defunct Norlarco Credit Union with dismissal of its former president/CEO, Robert Hamer, apparently one of the fallouts.
In media interviews, David Maus, president/CEO of the $850 million PSCU, said Hamer simply did not fit in with PSCU plans as a new management team took over the $230 million Norlarco in line with NCUA's Jan. 24 purchase and assumption deal made formally effective Feb. 29.
Maus told the Coloradan, a Fort Collins daily that PSCU offered jobs to Norlaco employees in good standing "who will embrace and adapt to our business ethics and strong management principles."
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Hamer was "one of the people we didn't feel could do that," Maus was quoted. "The business model that he has endorsed at Norlarco doesn't fit in with our business model and strong desire to serve the local community."
The Coloradan noted that Hamer had led Norlarco through tumultuous times, including the takeover by NCUA in July but had blamed the previous CU management for overextending the CU's reach by making faulty loans to Florida real estate projects which later soured.
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