TEMPE, Ariz. — NCUA's bidding process to find a buyer for the failed $339 million Cal State 9 Credit Union of Concord, Calif. was to start in earnest here last week as three Northern California CUs confirmed their possible interest in acquiring the agency-run CU.
Cal State 9, which was placed into conservatorship last November after it got into serious financial trouble with faulty real estate loans, was officially put on the auction block two weeks ago by NCUA as part of a purchase-assumption transaction.
Potential bidders were invited to a meeting in this Phoenix suburb March 12 following notification by NCUA's Region V Director Melinda Love, who posted a letter to Cal State 9 members assuring them that "prospective purchase-and-assumption credit unions have sound financial management and are federally insured" by NCUA.
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