Coosa Pines FCU Acquires Failed CDCU
CHILDERSBURG, Ala. – Coosa Pines FCU has acquired a branch in Birmingham by taking over Jefferson Community Development FCU, a failed $1.6 million credit union.
“Due to our strong financial position, we have been contacted by regulators on numerous occasions about taking over struggling institutions,” said Brant Malone, president of Coosa Pines. “This particular opportunity interested us because this credit union did not have significant lending problems.”
Jefferson Community Development had a $40,000 loss for the first quarter of 2010 and net worth under 1%.