Latest California Failure Survives As Branch Of CU Giant
OAKLAND, Calif. – NCUA said the purchase and assumption of Oakland Municipal CU announced Friday night will entail the sole-branch of the one-time $130 million credit union being purchased and operated as a branch of Western FCU, a $1.5 billion credit union based in Manhattan Beach, which already operates several branches in the Bay Area.
Western will continue to serve members of Oakland Municipal at the existing branch office located at Frank H. Ogawa Place in Oakland, NCUA said.
Oakland Municipal, which had declined to just $88 million at liquidation, is the first credit union failure so far in 2010 and the 16th California failure since the start of 2008, the most of any state.
The credit union had losses of $7.3 million for 2008, $4.9 million for 2009 and $860,000 for 2010, and was inadequately capitalized at year-end 2010, according to NCUA and the California Department of Financial Institutions.