Patelco Credit Union in San Francisco agreed last week to assist a credit union on the brink of bankruptcy because of troubled home equity loans.
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Patelco said the details of its agreement with the $98 million-asset Sterlent Credit Union in Pleasanton, Calif., would be disclosed after regulatory approval. The deal with Sterlent came a week after Patelco agreed to acquire the remnants of Cal State 9 in Concord, Calif., which failed because of its home equity loans.
"Patelco's role now is to assist Sterlent's management team in their continued efforts to provide stable member services and stem future losses wherever possible," Andy Hunter, president of the $4 billion-asset Patelco, said in a written statement.
