OAKLAND, Calif. – The Center for Community Self-Help, which operates the nation’s leading community development credit union, said last night it has entered the troubled California market with the acquisition of locally based People’s Community Partnership FCU by its newly chartered federal charter, Self-Help FCU.
The community development conglomerate obtained a federal charter in July in order to be able to provide its low-income services outside of its home state of North Carolina, particularly the underserved community in the San Francisco Bay Area.
Under the deal, People’s Community, a troubled eight-year-old community development credit union with $3.8 million in assets, will become a division of Self-Help FCU. People’s Community reported a $219,000 loss for 2007 and a $77,600 loss for the first six months of 2008, and has just over 4% capital.
The merger will result in a wider variety of services and products for People’s Community's members, and help the institution strengthen its presence in the community, while giving Self-Help FCU a foothold on the West Coast, from where it plans to expand its mission to serve other underserved communities.
The Center for Community Self-Help also operates the Self-Help Ventures Fund and the Center for Responsible Lending, which lobbies Congress on behalf of consumer lending issues.
