OAKLAND, Calif. – Self-Help FCU, a federally chartered credit union created by well-known community development credit union Self-Help CU a year ago, was approved by NCUA and state regulators to acquire ailing El Futuro CU, an $8 million institution based in Porterville, Calif., the third deal for the CDCU start-up over the past 17 months.
Self-Help FCU, like its state-chartered sister, is an affiliate of the Center for Community Self-Help, which also operates the Self-Help Ventures Fund and the consumer lobby, the Center for Responsible Lending.
El Futuro, chartered in 1965 to serve immigrant farm workers in East Tulare County, had a loss of $630,000 for the first three quarters of 2009 and net worth of 1%.
The deal follows Self-Help FCU’s acquisition of People’s Community CU in West Oakland in fall 2008, and Community Trust CU in Modesto in June 2009.
