DENVER – Public Service CU, which recently acquired the assets of failed Norlarco CU, yesterday named Bob Hoel, the former director of the Filene Research Institute and former chairman of the Norlarco board, to its board to represent the 42,000 Norlarco members who now are part of the $640 million credit union.
Hoel, who recently retired from the credit union think tank, chaired the Norlarco board from 1987 to 1991, long before it ran into the financial trouble that would bankrupt the institution.
Saddled with more than $200 million in troubled real estate loans made in two Florida developments, Norlarco was taken over by regulators last year, then sold to Public Service CU two weeks ago. Under the deal, NCUA, which ran Norlarco under conservatorship, will assume the bad Florida loans and Public Service will acquire Norlarco’s Fort Collins, Colo., headquarters, six branches and 42,000 member accounts.
