FORT COLLINS, Colo. — “It could have been worse,” said BobHamer, former CEO of Norlarco Credit Union, which has now beencompletely absorbed by Public Service Credit Union of Denver.

Hard to imagine as it sounds, Hamer said that although he wishedhe'd had more time to try and save Norlarco, he doubted that theNCUA's conservatorship could have been avoided. “The sheer numberof loans and their geographic concentration made thatimpossible.”

Hamer's other regret is not being able to deal with the press,including Credit Union Times, in an open and forthright manner. “Itwas discouraging that I couldn't respond with the truth. I think itwould have made good sense to tell the press what we were doing toresolve things and that the parties to contracts were cooperatingand trying to work things out. It could have gone much better, Ithink.”