SAN DIEGO – Financial 21 Community CU, a $140 million credit union that broke back into the black in the second quarter after a first quarter loss, has applied to state regulators to merge, one of several ailing California credit unions seeking combinations.
Financial 21 has applied to merge into California Coast CU, a $1.8 billion San Diego credit union that recently completed a merger with First Future CU. The combination created a $2.4 million loss at mid-year for California Coast.
In addition, Embarcadero FCU, a $45 million San Francisco credit union that reported a $210,000 mid-year loss, has applied to merge into 1st Pacific CU, a nearby $160 million institution.
OCHA CU, a $26 million Orange-based credit union that had a $60,000 first half loss, has requested permission to merge into Pacific Community CU, a $180 million credit union in Fullerton.
