Wednesday, July 14, 2010

Norbel Credit Union To Be Liquidated

Loveland Reporter-Herald is reporting that Norbel Credit Union of Fort Collins, Colorado will be acquired by San Antonio, Texas-based Security Service Federal Credit Union on July 29.

Norbel’s managers and board of directors in a statement to employees decided to put the credit union into liquidation as of July 29 and NCUA will be appointed liquidating agent. Security Service FCU will subsequently acquire Norbel.

Norbel Credit Union was critically undercapitalized with a net worth ratio of 1.38 percent as of the end of March 2010. The credit union is reporting that 7.25 percent of its loans were 60 days or more past due. The credit union reported a first quarter loss of $9.8 million, as it set aside $10.3 million for provisions for loan and lease losses.
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