Another California CU Failure Merged Out

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EL MONTE, Calif. – Vons Employees FCU, which serves workers at the supermarket chain, announced this morning it has agreed to acquire Certified FCU, the failed one-time $52 million credit union chartered to serve employees of the California Grocers Cooperative.

Certified, base din nearby Commerce, wracked up losses of $10 million for the first half of 2010 and had negative net worth at mid year of more than $6 million, while its assets declined to just $38 million.

“We are pleased to be adding new members from the same industry, who share a common heritage and history,” said Steve Weakley, president of the $315 million Vons Employees, said.

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