California Regulators Approve FCU Conversion

- SACRAMENTO, Calif. (08/15/01) - TheDepartment of Financial Institutions (DFI) said Tuesday it approvedan application from Steinbeck FCU to convert to state charter. Theconversion of the $50 million, Salinas credit union is only thethird conversion approved this year, with more than 15 applicationsstill pending. The DFI also said it received an application fromtwo credit union serving Japanese-Americans; Harbor Japanese CU,Long Beach ($7 million) to merge into Nikkei CU, formerly known asGardena Valley CU, Gardena ($32 million). Also applying to mergeare: Valley Industries CU, El Monte ($6 million) into E-Central CU,formerly known as Southern California Central CU, $85 million; andFAMCO FCU, Southgate ($12 million) into Southland Civic CU, Downey($190 million).