VICTORVILLE, Calif. – The Members Own FCU, buried under $4 million of losses for 2008, said Wednesday it is searching for a merger partner.
"The goal is to find a larger credit union with which to merge so that our members can continue to have the service they are accustomed to, while allowing for a possible improvement in the interest they earn on savings and the rates they are charged for loans, along with long-term financial security," said the troubled $91 million credit union in a release.
The credit union, which reported $106 million in assets at year-end 2007, said the 2008 losses were related to bad construction loans and increases in delinquencies and bankruptcies. Delinquencies jumped to almost 10% at year-end, from less than 0.5% a year earlier.
