SH FCU Grows Again in Weekend Merger
The $73 million Self Help Federal Credit Union, the California based credit union that is an affiliate of the $350 million Self Help Credit Union in North Carolina, grew even larger after taking over another California credit union at the behest of NCUA.
The agency was appointed to serve as liquidator for the $35 million Kern Central Credit Union by the California Department of Financial Institutions. NCUA then signed an agreement with SHFCU to assume Kern Central's assets and liabilities. The move brings roughly 9,000 new members to SHFCU.
The federally chartered institution has a primary location in Oakland, Calif. but has a mailing address the same as Self-Help in North Carolina for NCUA purposes and longtime CU activist CEO Martin Eakes is CEO of both.
The NCUA move came on the heels of merger announcements last week between SHFCU and Porterville, Calif. headquartered El Futuro Credit Union. The merger is SHFCU's third since 2008 took Self Help FCU to just under 18,000 members. This merger brings the credit union to just under 27,000.