DOWNEY, Calif. Financial Partners CU has agreed to acquire CarePoint FCU, a one-time $69 million Los Alamitos credit union that has seen its assets decline all the way to $42 million.
“This merger is an excellent fit because of our shared plans in serving the healthcare communities in Southern California and select markets nationally,” said Nader Moghaddam, CEO of $820 million Financial Partners.
CarePoint was chartered in 1966 as Los Altos Hospital FCU and serves the Tenet healthcare company and dozens of related select groups. The credit union earned net income of $193,000 for the first six months of 2013 and has a net worth ratio of more than 10%.
The merger will result in a credit union with more than $856 million in assets and 60,000 members throughout southern California, Texas, Florida and a number of other states. John Saatela, CEO of CarePoint will join Financial Partners as senior vice president of marketing.
