NCUA Liquidates Another Colorado CU Failure

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FORT COLLINS, Colo. – NCUA said it shuttered Norbel CU last night and assigned the remnants of the failed one-time $130 million credit union to Texas giant Security Service FCU.

Under a purchase and assumption deal, the $5.6 billion San Antonio credit union immediately purchased and assumed assets, liabilities and 16,000 members of Norbel, the largest remaining local credit union in Larimer County and the 19th credit union failure of 2010.

Norbel, chartered in 1940 to serve employees of Mountain States Telephone & Telegraph Company, had a $9.8 million loss for the first quarter of the year and net worth of less than 1.4%.

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