Mission SF FCU Appeals for More Donations
The fundraising campaign of the deeply troubled Mission SF FCU of San Francisco to avoid a collapse or merger picked up again last week with new appeals by CU management to meet a new $200,000 capital goal by March 15.
The $6.7 million community development CU said so far it has raised $40,000 toward its capital target and that the NCUA has given it several waivers to continue the effort to stave off a merger or liquidation.
Mission began soliciting donations from industry groups in December with several large CUs contributing increments as high as $8,500. However, the Mission venture has also come in for criticism from some California CEOs charging that a CU with ill-founded lending policies should not be rewarded.
In a press release issued Jan. 24 by the California and Nevada Credit Union Leagues, Mission acknowledged it is appealing for help to avoid a merger and that it is one of two independent CDCUs remaining in California serving a predominately Latino community.