Another CDCU Erased

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PORTLAND, Ore. - (04/05/05) -- Point West CU said Monday it hasagreed to take over financially ailing Hacienda Community CU, athree-year-old community development credit union chartered toserve the city's Hispanic population. Hacienda Community CUreported net worth of just 1.3% and a $212,000 loss for 2004 andhas been searching for a merger partner since January. The creditunion, the first new state charter in Oregon in two decades, wasthe recipient of broad financial support inside and outside thecredit union movement, which included a $150,000 grant from theNational CU Foundation and a $99,000 award from the CommunityDevelopment Financial Institutions Fund in 2003, and a $150,000donation from Portland Teachers CU as recently as a year ago. Underthe terms of the merger, a new Hacienda Division of the $90-millionPoint West Credit Union will be added in order to keep the Haciendaname intact, retain the identity of the credit union and serve thegrowing Latino population. The closure of Hacienda Community CUfollows recent closures of other prominent CDCUs, including KO-AMFCU, Nor-Car FCU, Oasis Community FCU and D. Edward WellsFCU.

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