SAN DIEGO - Financial 21 Community CU, a $140-million CU 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.
Financial 21 has applied to merge into California Coast CU, a $1.8-billion San Diego CU 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 CU 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 CU that had a $60,000 first half loss, has requested permission to merge into Pacific Community CU, a $180-million CU in Fullerton.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
