Wescom CU Acquires Troubled Cohort

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PASADENA, Calif. -- Credit union giant Wescom CU was approved to acquire financially ailing South Coast Community FCU, the state Department of Financial Institutions reported Monday. South Coast Community FCU, based in nearby Goleta, Calif., had $42.5 million in assets, and losses of $78,000 in 2005, followed by losses of $67,000 for the first quarter of 2006. It is the second merger this year for Wescom CU, one of the biggest credit unions in the country, with more than $3.5 billion in assets.

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