SACRAMENTO, Calif. – Regulators have stepped up their efforts to clean up the state’s troubled credit union landscape with approval to merge eleven more credit unions, most of them in money-losing positions.
Among them are the failing American River HealthPro FCU, being acquired by SAFE CU, and First American FCU, being merged into EDS FCU.
NCUA also approved the mergers of: Cityside FCU, which had a $585,000 mid-year loss, into Southland CU; Alisos FCU, a $283,000 loss, into Camino FCU; Yamaha Employees FCU, a $285,000 loss, into California Agribusiness FCU; Community Trust CU, which lost $1.8 million last year, into Self-Help FCU; and Avibank Employees FCU, into Prospectors FCU.
Both U.S. First FCU, which had a $4.1 million mid-year loss, and Steinbeck FCU, with a first quarter loss of $515,000, are being acquired by The Golden 1 CU;
Also, California Coast CU, is in the process of merging Financial 21 Community CU and E1 Financial CU into NuVision Financial CU.
Twenty California credit unions have been merged out through the first six months of the year.
