National 1st, San Jose in Silicon Valley Merger
Two Silicon Valley credit unions, the $207 million National 1st CU of Sunnyvale and the $140 million San Jose CU, are planning a merger, California regulators said.
Papers for the planned combination were filed a month ago in Sacramento, state regulators reported Wednesday.
According to NCUA Call Reports, San Jose CU lost $195,000 in 2011 and $79,000 in the first quarter of 2012.
In other merger action in the Golden State, the Department of Financial Institutions formally approved mergers by the $600 million Credit Union of Southern California in Whittier of the $40 million Inland Empire CU of Pomona and the $24 million Family 1 FCU of Placentia.
Also approved by the DFI were mergers of the $28 million Santa Monica City Employees FCU into the $493 million Southland CU in Downey and the $13 million Bay Media FCU in San Francisco into the $785 million San Francisco Fire CU.