The $28.5 million Lutheran Credit Union of America of Brea, Calif., has beenmerged into the $254 million America's Christian Credit Union inGlendora, Calif.
|Like many small credit unions, Lutheran Credit Union of Americahas been struggling financially, showing declines in loan and feeincome as well as net income losses in three of the past fiveyears, according to Callahan & Associates.
|Last year the credit union posted a net income loss of $83,434and a net income loss of $116,077 in 2011, according to Callahan& Associates. Though Lutheran Credit Union of America had netincome gains of $11,128 in 2010 and $29,585 in 2008, thecooperative showed a net income loss of $138,068 in 2009.
|On its website, Lutheran Credit Union of America, which serves1,646 members, said its sole branch will remain open “at minimumthrough the end of the lease in June 2015.” Its seven employees arecontinuing to work for America'sCU, the credit union said.
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