Start-Up CDCU Self-Help FCU Acquires Seventh California Failure

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OAKLAND, Calif. – Self-Help FCU, the two-year-old community development credit union, agreed to acquire the assets of Mission San Francisco FCU, the sixth credit union failure of 2011, NCUA announced Friday night.
The purchase and assumption deal for the one-time $9 million CDCU will give Self-Help, the federally chartered affiliate of North Carolina’s Self-Help CU, $360 million in assets and 18 branches in northern California.
Mission San Francisco lost $370,000 in each of the past two years and less than 1% net worth upon liquidation, as it assets had declined to just $6 million.  The credit union was chartered in 1971 to serve members in the Mission District in San Francisco.
Among the other failed CDCUs acquired by Self-Help FCU are: People’s Community CU in Oakland, Community Trust CU in Modesto, El Futuro CU in Porterville and Kern Central CU in Bakersfield, and 1st Pacific FCU in Vallejo.

Self-Help FCU and Self-Help CU are sponsored the Community for Self-Help in Durham, N.C., which is also sponsor of the Self-Help Ventures Fund and the consumer lobby the Center for Responsible Lending.OAKLAND, Calif. – Self-Help FCU, the two-year-old community development credit union, agreed to acquire the assets of Mission San Francisco FCU, the sixth credit union failure of 2011, NCUA announced Friday night.

The purchase and assumption deal for the one-time $9 million CDCU will give Self-Help, the federally chartered affiliate of North Carolina’s Self-Help CU, $360 million in assets and 18 branches in northern California.

Mission San Francisco lost $370,000 in each of the past two years and less than 1% net worth upon liquidation, as it assets had declined to just $6 million.  The credit union was chartered in 1971 to serve members in the Mission District in San Francisco.

Among the other failed CDCUs acquired by Self-Help FCU are: People’s Community CU in Oakland, Community Trust CU in Modesto, El Futuro CU in Porterville and Kern Central CU in Bakersfield, and 1st Pacific FCU in Vallejo.

Self-Help FCU and Self-Help CU are sponsored the Community for Self-Help in Durham, N.C., which is also sponsor of the Self-Help Ventures Fund and the consumer lobby the Center for Responsible Lending.

 

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