CDCU Buys Wachovia Branch for $1

PHILADELPHIA - Borinquen FCU, a credit union in Hispanic north Philly, has agreed to acquire a new branch from Wachovia Bank for $1. The banking giant, which closed two neighborhood branches two months ago, said it has agreed to virtually give the CDCU one of the branches in exchange for the token payment. The purchase will double the branches for Borinquen, a 32-year-old CU founded to serve members of a Puerto Rican social services group. The $7 million credit union has partnered in the past with Wachovia, which also has a non-member deposit in the credit union. Wachovia plans to maintain its ATM at the new credit union branch. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com