Final Act Nears For Ailing Hollywood CU

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HOLLYWOOD, Calif. – Motion Picture FCU, a one-time $6 million credit union fighting off red ink and diminishing resources the past few years has agreed to merge into Musicians’ Interguild CU.

Motion Picture FCU reported losses for 2009 and the first three quarters of 2010, while assets continued to decline to $3.7 million.

Musicians’ Interguild has $80 million in assets and reported a slim net of $74,000 for the first three quarters of the year, even after losses greater of $1 million in each of the previous three years, 2007 to 2009.

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