SANTA ROSA, Calif. – NCUA has approved the merger of Cal State CU of North Bay, a one-time $106 million credit union that has fought red ink the past few years, into giant Redwood CU, headquartered down the street.
Cal State North Bay reported losses each of the last three years, including a $2.2 million loss for 2010, as its net worth ratio fell to just 3.7% at Dec. 31. For the first quarter of 2011 the credit union reported an 862,000 net and net worth of 4.1%.
Redwood reported $6.1 million in net income for 2010 and net worth of 8%. It has not yet reported first quarter financials.
