SACRAMENTO, Calif. — One of the prospective California bidders for the failed Cal State 9 Credit Union is making a case this week that NCUA, like it apparently did in Colorado on Norlarco CU, reject any bank suitors.

"This is a credit union matter and banks don't belong there," declared Teresa Halleck, president/CEO of the $6.7 billion Golden 1 CU.

Halleck confirmed that her CU like a handful of other large Bay Area CUs expects to send a representative to an NCUA bidders conference in Phoenix today to review the agency's package detailing financials of Concord-based Cal State 9, which fell into conservatorship last November after it got into serious trouble on real estate loans.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.