Patelco to absorb Cal State 9 Credit Union
Correction at bottom of article
The National Credit Union Administration on Thursday selected Patelco Credit Union to absorb Cal State 9 Credit Union, which was taken into receivership by the credit union regulator at the end of last year.
Patelco was one of three large credit unions that had made takeover offers to regulators. The Golden 1 Credit Union, based in Sacramento, had also been in the running to take over the $339 million-asset Cal State 9 easy payday loan http://us-no-fax-payday-loans.com.
Cal State 9, which lost $46 million on adjustable-rate mortgages that went bad in the first nine months of 2007, was taken over by the California Department of Financial Institutions and the NCUA in November.
The regulators were seeking a merger partner for the nearly failed institution.
Patelco, based in San Francisco, will now get Cal State 9's 29,000 members, its branches in San Francisco, Berkeley, Oakland, Hayward and Pleasant Hill and its headquarters is in Concord.
Patelco, with $4.1 billion in assets, has more than 242,000 members and 39 locations, including seven in the Sacramento area.
Correction:An earlier version of this story listed an incorrect number for the membership of Cal State 9 Credit Union.