SANTA ROSA, Calif. – Redwood CU on Friday said it has received regulatory approval to acquire ailing California Preferred CU, giving it a second San Francisco branch.
California Preferred CU has seen its assets decline by more than 20% over the past year to $41.1 million, while reporting losses of $946,000 for 2007, and $33,000 for the first quarter of 2008.
Redwood CU is one of the largest credit unions in the country, with $1.8 billion in assets and 143,000 members.
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