MODESTO, Calif. – Self-Help FCU, the recently formed national charter for the iconic North Carolina-based community development group, said Friday it has acquired Community Trust CU, a struggling $43 million serving low-income communities in California’s Central Valley.
"This is a great opportunity to partner with another financially strong credit union, enabling us expand services to members and our impact in the community," said Joe Duran, president of Community Trust.
Self-Help FCU, an affiliated of Self-Help CU, one of the nation’s foremost community development credit unions, was formed six months ago to expand the Durham, N.C., group’s services to low-income communities in California. The group’s federal charter was facilitated with the acquisition of Oakland-based People’s Community FCU.
Community Trust is a one-time $52 million credit union that had a $1.8 million loss in 2008 and has seen its net worth fall below 5%. The credit union has three branches throughout the Central Valley, with locations in Modesto, Riverbank, and East Palo Alto. Under the merger, Community Trust will do business as Community Trust CU, a division of Self-Help FCU.
The Self-Help credit unions are operated by the Center for Community Self-Help, which also runs the Self-Help Ventures Fund and the Center for Responsible Lending, a consumer lobby.
