Navy Fed Wins Bidding For Troubled USA FCU
SAN DIEGO – USA FCU, the one-time $710 million credit union chartered to serve the area’s Navy personnel that has been severally wounded by the region’s real estate bust, announced it has agreed to be merged into Navy FCU, one of several bidders for the ailing institution.
USA Fed, chartered in 1953 to serve employees at the Naval Training Center here, reported losses of more than $45 million over the past two-and-a-half years while net worth declined to just 2.8%. Assets were $604 million at mid-year.
Under the merger deal, Virginia–based Navy Fed, the world’s largest credit union with more than $42 billion in assets, will retain USA Fed’s 19 branches, including eight in the San Diego and Riverside area, which don’t overlap with Navy Fed’s 13 branches in the region, as well as all of its 206 employees.