San Mateo CU Absorbs Troubled Palo Alto Community FCU
REDWOOD CITY, Calif. – San Mateo CU acquired another branch on the peninsula with the acquisition of ailing Palo Alto Community FCU.
Palo Alto Community is a one-time $16 million credit union that lost $355,000 last year and $65,000 through the first three quarters of the year, as its assets declined to $11.8 million.
San Mateo CU, which had $592 million in assets at Sept. 30 and net income of $1.9 million for the first three quarters of the year, operates six branches.
Both credit unions have similar histories, each started out serving local government employees and their families, then expanded to serve local residents and nearby workers.