San Francisco Credit Unions Merge
The $1.5 million, 261-member San Francisco Bureau of Public Roads Federal Credit Union merged with the $835 million, 31,511-member San Francisco Federal Credit Union on Tuesday.
Like many tiny credit unions, San Francisco BPRFCU has been struggling financially. In addition to loan, fee and investment revenue declines, the California cooperative posted a total net income loss of $79,253 from 2008 to 2012, according to NCUA financial performance reports.
San Francisco BPRFCU was chartered in 1936. Its sole branch office closed Monday.
“We look forward to helping our newest members reach their financial goals with our unique mix of products and services,” Steven Stapp, president/CEO of San Francisco FCU, said in a statement. “San Francisco BPR has provided its members with attentive, personal service for many years. Now it’s our turn to continue that legacy.”