Two San Francisco CUs To Acquire Small, Troubled CUs
SAN FRANCISCO – Two healthy San Francisco credit unions have applied to state regulators to acquire ailing 1st Choice FCU and Pacifica-Coastside CU.
Castro Valley-based 1st Choice FCU has $8 million in assets and lost $307,000 in the first quarter as its net worth declined to 4.3%. 1st Choice FCU will merge into SF Police Credit Union.
Pacifica-Coastside is based in Pacifica and is a one-time $3 million credit union that had $1.6 million in assets and small losses in each of the last five reporting periods. It would merge into San Francisco Fire CU.
SF Police CU has $660 million in assets and had $1.3 million in net income in the first quarter. San Francisco Fire is privately insured and had $692 million in assets and had a $1 million first quarter net.