REDWOOD CITY, Calif. – State regulators quickly cleared San Mateo CU to acquire ailing Palo Alto Community FCU.
The two credit unions submitted an application to the Department of Financial Institutions on July 2 and it was approved just 10 days later.
Palo Alto City Community, a $13 million credit union, had a $211,000 loss for 2008 and a $355,000 for 2009 and a small loss of $31,000 for the first half of 2010, as net worth was 6.8%.
San Mateo CU had $595 million in assets at mid-year and reported six-month net income of $756,000, after a $2.9 million loss caused by NCUA’s corporate credit union bailout expense for 2009.
