DURHAM, N.C. – Self-Help CU, which expanded its reach across the country last fall by acquiring a troubled California credit union as the basis for a federal charter, has applied to state regulators to acquire another California credit union, Community Trust CU, an ailing $40 million credit union based in Modesto.
Community Trust CU, which claimed assets of as much as $51 million as recently as 2007, reported a loss of $1.8 million in 2008. It serves the counties of Stanislaus, San Joaquin, Tuolomne and Calaveras, as well as the cities of East Palo Alto and East Menlo Park.
The deal follows the September acquisition by Self Help FCU of People’s Community Partnership FCU, a troubled $4 million community development credit union based in Oakland.
Self-Help FCU is an affiliate of the Center for Community Self Help, a conglomerate of community development organizations which also operates Self-Help Ventures Fun and the Center for Responsible Lending, which lobbies Congress on behalf of consumer lending issues.
