MONTEREY, Calif. – Two more troubled California credit unions, including E1 Financial CU, have agreed to be merged into larger credit unions.
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E1 Financial, with $365 million in assets and losses of $1.4 million last year and $3.1 million this year, plans to merge into NuVision Financial FCU, a $840 million credit union in nearby Huntington Beach.
And California Coast CU, a one-time $19 million credit union in Costa Mesa, with a $122,800 loss through the first three quarters, plans to merge into Financial Partners CU, the $725 million Downey credit union, which reported a $735,000 loss for the first three quarters itself.
Both E1 Financial and California Coast are privately insured through ASI Inc.
