Self-Help Federal Credit Union in Oakland has asked California regulators for permission to acquire the struggling El Futuro Credit Union in Porterville.
It would be the third acquisition this year of a troubled California credit union by Self-Help Federal, which is run by the nonprofit Center for Community Self-Help. El Futuro lost $630,000 in the first nine months of the year and its net worth ratio was just over 1% at Sept. 30.
Self-Help Federal filed the application last month.
The Center for Community Self-Help also runs the $360 million-asset, state-chartered Self-Help Credit Union in Durham, N.C.; a venture capital fund; and the Center for Responsible Lending, a consumer lobbying group in Washington.
