OAKLAND, Calif. – The California Department of Financial Institutions recently announced the approval of a merger between a tiny credit union with ailing growth and a larger one.
And so the trend continues: The $2.2 million AC Transit Employees Federal Credit Union was approved to merge with $101 million Oakland Municipal Employees Credit Union last month.
Though AC Transit Employees has a net worth of 15.29%, loan delinquencies are up at 13.27%, according to NCUA Call Report data. Its return on average assets is down to -2.53%.
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