PLANO, Texas – Fast-growing EDS CU has applied to state regulators to acquire troubled First America FCU in Santa Ana, creating a presence in southern California.
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First America had a loss of $1.9 million in 2008 and a loss of $1 million for the first quarter (an $818,000 operating loss and $188,000 charge for the corporate credit union bailout) and has seen its assets shrink from $28 million two years ago to $22 million.
EDS, the $740 million credit union with a presence in Michigan, New Jersey, Pennsylvania and Virginia too, had net income of $4.9 million in 2009 and $1 million for the first quarter.
