OAKLAND, Calif. – Self-Help FCU, the federally chartered credit union created by North Carolina’s Self-Helf CU earlier this year, has applied to state regulators to acquire troubled El Futuro CU, which would be its third deal here in recent months.
El Futuro, based in Porterville, is a one-time $8 million credit union (now $7 million), that had a $630,000 loss for the first three quarters of the year and just over 1% net worth at Sept. 30.
Earlier this year, Self-Help FCU acquired People’s FCU in Oakland and Community Trust FCU in Modesto, both troubled institutions with growing losses and diminished capital.
Self-Help FCU and its $360 million affiliate Durham, N.C.-based Self-Help CU are operated by the Center for Community Self-Help, which also operates a venture capital fund and the consumer lobby, Center for Responsible Lending.
