Another Big California CU Merged Out
CONCORD, Calif. – Vacaville-based Travis CU has agreed to acquire troubled Metro 1 CU, a one-time $206 million credit union, expanding its presence in San Francisco’s East Bay, the two credit union’s announced this morning.
Travis, the $1.6 billion one-time defense credit union chartered to serve Travis Air Force Base, said the deal is part of its strategic plan to expand its reach in Northern California and the Central Valley. The deal gives Travis, which operates 19 branches, five branches, one each in the Bay Area communities of Antioch, Benicia, Concord, Richmond and Oakley.
Metro 1, formally known as First Metropolitan CU, had losses of $6.4 million for 2008, $4.6 million for 2009 and $3.5 million for the first three quarters of 2010, as its net worth ratio fell to just 3.3%. Assets at the end of the third quarter were $177 million.
Travis reported net income of $14.3 million for the first nine months of the year and net worth of 10.1%.