SACRAMENTO, Calif. – State regulators reported yesterday they have approved the merger of Community Trust CU, the $50 million Modesto credit union, into Self-Help FCU, broadening the Durham, N.C., community development credit union’s footprint in California.
Community Trust, which has seen its assets fall to $43 million, had a loss of $11.8 million and an operating loss of $21,268 for the first quarter of 2009.
Self Help, which operates a state chartered credit union, broadened its reach last year with the acquisition of a small CDCU in Oakland.
Also approved was the merger of Pacific Coast CU, a $17 million Coast Mesa credit union with losses in 2008 and the first quarter of ‘09, into Financial Partners CU, in nearby Downey.
In addition, Cityside FCU, a $50 million Los Angeles credit union that lost $1.4 million in 2008 and $546,849 in the first quarter, has applied to merge into Southland CU, also in L.A.
