Expanding its Colorado footprint, the $5.5 billion Security Service Federal Credit Union of San Antonio is planning a takeover of the ailing $120 million Norbel Credit Union of Fort Collins, Colo. in a transaction subject to final NCUA and state regulatory approval.
The transaction, to be completed by July 31, marks Security Service's second NCUA purchase and assumption deal in 10 months after it successfully merged the also struggling $78 million West Texas CU of El Paso, Texas.
Norbel's deteriorating condition marked by large loan losses came to light last spring, culminating in a June 18 management agreement with Security and the Norbel boards, according to a source familiar with the situation. The pact then won clearance from the NCUA and the Colorado Division of Finance, the source said.
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