SAN FRANCISCO — Credit union interest in purchasing the assets of the conserved $339 million Cal State 9 CU of Concord took some new turns last week with Citizens Equity First of Peoria, Ill., now in the fray and two California CUs dropped out of the bidding.
The NCUA has been running the CU since last November after it ran up large real estate loan losses and has remained mum on potential bidders. However, individual CUs in California, along with the $3.6 billion CEFCU, have confirmed their desire to submit offers for the good assets.
Declining comment on the bidding process, Mark Spenny, the president/CEO of CEFCU, maintained that the Illinois CU has long had West Coast members "some of whom are Caterpillar dealers or employees."
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