West Coast CUs Join Hands
KeyPoint CU has agreed to acquire financially ailing West One FCU, in nearby Livermore, Calif., to produce a credit union with almost $800 million in assets.
West One, which has $65 million in assets and 7,000 members, reported a net loss of $611,525 for the first quarter of 2006, compared to a loss of $85,661 in the first quarter last year.
KeyPoint CU was formerly known as AEA CU and changed its name and field of membership in 2004 and now serves more than 8 million residents in six California counties. West One FCU was chartered in 1950 as Contra-Tel CU to serve employees of Pacific Bell.