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SAN JOSE, Calif. — By no means was Golden Bay Federal Credit Union seeking to merge due to financial woes.

The $209 million credit union had just over $19 million in capital at the end of 2006 and more than $70 million in auto loans. Delinquencies had dropped from 0.36% to 0.17% by the end of last year. Demand for loans was so strong that Golden Bay had to borrow additional funds to meet member need. During 2006, more members had joined Golden Bay’s online banking program than ever before and the credit union experienced growth in its shared branching network usage. Founded in 1957 by NASA employees, Golden Bay grew to become one of Silicon Valley’s leading financial contenders and at last count served more than 75,000 members.

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