SUPERIOR, Wis. — The president/CEO of the $143 million Superior Choice Credit Union, targeted by Wisconsin bankers last week for its Norlarco participation loans, said today the CU's "strong, well capitalized position" speaks for itself with no need to get into any verbal fisticuffs to counter a media blast.
In a press release distributed across the state and to this far northern Wisconsin community, the Wisconsin Bankers Association attacked Superior Choice as an example of CUs abusing their tax-exempt status to pursue a faulty "commercial loan adventure more than 1,500 miles from the south shore of Lake Superior."
The WBA claims, countered by the Wisconsin Credit Union League this week as a "total distortion of facts," were referring to Superior Choice's participation loans with Norlarco CU of Fort Collins, Colo. in a Ft. Myers, Fa. land deal gone bad.
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"We've been communicating with our members reassuring them that while unfortunate, the loan losses pose no threat," to the CU or to members, said Gary L. Elliott, president of Superior whose condition and $1.05 million loss in the June 30 call report were the subject of news articles appearing in Superior and nearby Duluth, Minn. papers.
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