More California CUs Opt To Merge
SACRAMENTO, Calif. – Regulators reported yesterday that two more troubled California credit unions have applied to merge into bigger credit unions, continuing the recent pace of mergers in the state.
El Camino Hospital FCU, an $8 million Burlingame credit union that lost money each of the last three years, has applied to merge into United Health CU, a $41 million Burlingame institution; and Star Energy CU, a $7 million Bakersfield credit union with less than 4% net worth, applied to combine with $1.5 billion Chevron FCU in Oakland.
The proposed mergers come after last month’s approval for Self-Help FCU to merge troubled 1st Pacific CU, a one-time $234 million Vallejo credit union; and $1.5 billion Travis CU to acquire ailing First Metropolitan CU, a one-time $220 million Concord institution.
Last month also saw the merger of UFCW #916 FCU in Redding into Members 1st CU in Redding.