SAN JOSE, Calif. – Alliance CU has picked up a new San Jose branch with the acquisition of Electric FCU, a one-time $14 million credit union that has been in the red for the past four years.
Electric FCU, chartered in 1962 to serve the International Brotherhood of Electrical Workers, local 332, reported losses of $150,000 for 2010 and 2011 and a loss of $63,000 for the first six months of 2012, as its assets slid to $11.5 million.
Alliance CU has $350 million in assets.
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