SACRAMENTO, Calif. - The state Department of Financial Institutions approved two more credit unions, the week of June 26, to convert from a federal to a state charter. ACU FCU, Redwood City filed in November 1999 to convert. It has $34 million in assets and about 8,500 members. Alliance FCU, San Jose-one of the largest federal credit unions in the state, with $186 million in assets and more than 43,000 members, filed its application this past May. At the same time the DFI approved charter conversion applications, it accepted new ones from 1st City Savings FCU, Glendale; Kaiser-Lakeside FCU, Oakland; Marine Corps West FCU, Camp Pendleton and Unipac FCU, San Francisco. That brings to 17 the total number of applications DFI has accepted so far this year from federal credit unions to convert to state charters. The DFI also accepted merger applications from Anaheim Area CU into Orange County's CU, Santa Ana; Central Coast CU and Las Flores CU, both in San Luis Obispo, into County City CU; and Placer Nevada Grange CU, Auburn into Butte FCU in Biggs.
California DFI continues to approve fed-to-state charter conversions
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