LOS ANGELES NuVision FCU will acquire two additional branches with the merger of ailing Pacific Resource CU, one of four California mergers approved by regulators in recent weeks.
Pacific Resources, originally the credit union for oil company Atlantic Richfield, has reported losses in four of the past six years and seen its assets decline from $120 million to $97 million, even as its declining assets boosted its net worth ratio over 8%.
Regulators also approved the merger of Lutheran CU, a $28 million Brea credit union with small losses last year and this year, into America’s Christian CU.
Also approved was the merger of Firestone Financial Services CU, a privately insured $16 million Anaheim credit union with small losses in 2012 and 2013 into Credit Union of Southern California.
Also being merged out is Tehachapi FCU, a $2 million credit union with just $44,000 in net worth, into Kern Schools FCU in nearby Bakersfield.
