Regulators Approve Credit Union Mergers in California and Hawaii
The California Department of Financial Institutions said it has approved the merger request of $413 million Valley First Credit Union in Modesto, Calif., to acquire the financially troubled $72 million State Center Credit Union of Fresno, Calif.
Between 2008 and 2011, State Center CU has posted net income losses of $3 million, and has lost an additional $152,025 through September 2012, according to financial reports filed with the NCUA.
The $732 million Aloha Pacific Federal Credit Union in Honolulu said its systems conversion with $12.2 million Hawaii Stevedore/Castle & Cooke Hawaii Federal Credit Union in Honolulu was completed on Dec. 1. That merger was recently approved by the NCUA.
This merger represents the fifth one in five years by Aloha Pacific FCU, which previously merged with InterIsland FCU, First Insurance FCU, Word of Life FCU and Media Hawaii FCU.
HSCCHFCU’s one branch remains open and its employees were placed in jobs at Aloha Pacific.