Texas credit union acquires Norbel

LONGMONT – Security Service Federal Credit Union has acquired Norbel Credit Union for an undisclosed amount after the Colorado Division of Financial Services ordered it
liquidated.

Security Service had been operating Norbel under a management agreement
since
June 18. Norbel has locations in Longmont, Broomfield, Loveland, Fort Collins and Greeley.

Norbel’s continued stability was jeopardized by more than $3.9
million in mortgages past due by 60 days or more – an increase from just more
than a half-million dollars at the end of 2009. It lost $9.8 million in the
first quarter of this year…