SACRAMENTO, Calif. – State regulators said yesterday they have received requests from two more troubled credit unions to merge into larger institutions.
The Department of Financial Institutions has received an application to merge Canon Financial FCU, a $31 million Santa Ana credit union that has lost 25% of its assets over the last year and reported a $125,000 first quarter loss, on top of a $904,000 loss for 2007, into Financial Partners CU, a $775 million credit union that is also battling losses, of $352,000 for the first quarter, and $3.9 million for 2007.
The DFI has also been asked for approval for The Golden 1 CU to acquire troubled Church Co-op CU, a $6 million Sacramento credit union that lost $10,000 in the first quarter.
The two are the latest of a series of mergers involving troubled credit unions, with more expected to follow.
