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Newspaper Reporting July 29Th Liquidation Of Norbel Credit Union

Wednesday, July 14, 2010 - 7:46 PM
It's rare to see a credit union liquidation report before the NCUA acts. According to the Loveland Reporter-Herald in Colorado:
Norbel’s managers and board of directors decided to put the credit union into liquidation as of July 29, according to a statement given to employees. The National Credit Union Administration, which regulates credit unions, is acting as the liquidating agent, the statement said.

Security Service Federal Credit Union is suppose to be the institution that will acquire Norbel. According to a spokesman from Security Service Federal:
Members of Norbel will not be affected by the transfer of ownership

It's possible that Security Service Federal may assume all deposits, but I wouldn't want to test it with over $250K in deposits.

In other credit union news, the NCUA announced the termination of 4 executes of Arrowhead Credit Union. This credit union was placed into NCUA conservatorship in June.


Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
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