More Troubled CUs Merged Out In California

Published January 13, 2010, 6:25 p.m. EST

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Updated August 27, 2020, 12:16 a.m. EDT

1 Min Read

SACRAMENTO, Calif. – State regulators reported they have approved three more mergers of failed state chartered credit unions in recent days.

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The latest are: California Printing & Publishing Employees CU, a one-time $11 million Riverside credit union with a $311,000 loss for the first three quarters of 2008, into Printing Industries CU, a $27 million Los Angeles credit union; and, Vernon/Commerce CU, a one-time $11 million Commerce institution with a $271,000 three-quarter loss and 3% net worth, into $81 million Pasadena Service FCU.

Also, El Futuro CU, a one-time $10 million credit union chartered by United Farm Workers organizer Cesar Chavez, into Self-Help FCU, the rapidly growing community development credit union chartered 18 months ago by North Carolina’s Center for Community Self-Help.

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