CDCU Start-Up Self-Help FCU Cleared For Biggest Deal Of Six Mergers
VALLEJO, Calif. – Self-Help FCU, the two-year-old affiliate of North Carolina’s Self-Help CU, has received final regulatory approval to acquire 1st Pacific FCU in the biggest of six mergers which have created the nation’s fastest-growing credit union.
The deal will give the CDCU start-up nine Bay Area branches once operated by 1st Pacific, a failed one-time $230 million credit union. The merger will give the two-year-old CDCU 17 branches in the Bay Area and Central Valley and almost $350 million in assets.
1st Pacific lost $6.3 million in 2009 and $5.6 million for the first three quarters of 2009.
Among the other CDCUs making up Self-Help FCU are: People’s Community CU in Oakland, Community Trust CU in Modesto, El Futuro CU in Porterville and Kern Central CU in Bakersfield, as well as 1st Pacific.
Self-Help FCU, along with its state chartered sibling, Self-Help CU, is sponsored the Community for Self-Help, which is also sponsor of the Self-Help Ventures Fund and the consumer lobby the Center for Responsible Lending.