SACRAMENTO, Calif. – SAFE CU, the state’s 17th largest credit union with $1.5 billion in assets, announced yesterday it has agreed to acquire ailing American River Healthpro FCU, the latest troubled California credit union to be merged out.
America River, which claims $230 million in assets, reported a $5 million loss for 2008 and a $7.5 million loss for the first three months of 2009. That includes a $5.8 million operating loss and a $1.7 million charge for the corporate credit union bailout.
SAFE, which lost $21.7 million in 2008, bounced back in the first quarter with a $946,090 operating net. That doesn’t include any charges for the corporate bailout or its investment in WesCorp FCU.
American River serves 21,000 members and four branches, including the one inside its Rancho Cordova headquarters, and 24 ATMs.
