FORT COLLINS, Colo. – Norbel CU has agreed to acquire the much smaller Sunrise CU, which was threatened by growing losses on its real estate loans.
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Sunrise, which reported a $20,000 loss through the first three quarters of 2008, faced a possible $130,000 loss from a second mortgage it financed in a real estate development in Kansas, according to officials with the $4.2 million credit union. The credit union financed a 20-unit development, which sold only eight units, threatening the entire $113,000 of the loan.
Norbel, which claims $120 million in assets, had a strong $1 million net for the first three quarters.
