OAKLAND, Calif. – The Department of Financial Institutions reported yesterday it has approved Self-Help FCU’s acquisition of yet another troubled community development credit union, the CDCU start-up’s fifth deal since its 2008 chartering.
The acquisition of 1st Pacific CU, a troubled one-time $235 million CDCU in Vallejo, Calif., will give Self-Help FCU almost $300 million in assets n California.
The fast-growing CDCU start-up is the sister credit union of North Carolina’s Self-Help CU, which are both affiliates of North Carolina’s Center for Community Self-Help.
1st Pacific, which lost $5.6 million in the first three quarters and had net worth of just 3.8%, joins four other troubled CDCUs acquired by Self-Help since its 2008 chartering; People's Community CU in Oakland, Community Trust CU in Modesto, El Futuro CU in Porterville and Kern Central CU in Bakersfield.
North Carolina’s Center for Community Self-Help has grown into a CDCU conglomerate that operates both CDCUs, as well as the Self-Help Ventures Fund and the consumer lobby the Center for Responsible Lending.
