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FORT COLLINS, Colo.—Federal officials have taken control of the state’s eighth-largest credit union.
The Fort Collins Coloradoan said non-payments of second mortgages and construction loans forced the Norlarco credit union into conservatorship.
It had one of the highest delinquency rates in the control with outstanding late payments of $56 million.
John Olienyk, chairman of the credit union’s board since 1991 until it was taken over in May, said it had constructions fail all across the country, especially in Florida.
Depressed housing prices also hurt.
