Hollywood Merger Has a Lyrical Feel
HOLLYWOOD, Calif. – Motion Picture FCU, a one-time $6 million credit union that has struggled in recent years, was cleared by state regulators to merge into Musicians Interguild CU, an $80 million Hollywood credit union.
The smaller actors’ credit union reported losses of $53,000 for 2009 and $80,000 for 2010, as its assets dipped to just $3.6 million.
The Department of Financial Institutions also reported yesterday it approved the merger of Star Energy CU, a one-time $10 million Bakersfield credit union, into Oakland credit union giant Chevron FCU. Star Energy had a $315,000 loss for 2010 and net worth of just 3.3% at year-end.
Also, Onized Oakland FCU, a troubled $3 million credit union, has applied to the DFI to merge into Allied Trades CU in Stockton.