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CONCORD, Calif. — The bidding for troubled Cal State 9 Credit Union here closed on April 25 and has kept mum on the bidders (See sidebar).

Cal State 9 continues to lose money like water through a sieve, and even as bidders may be circling the drain, it appears that a viable deal that would immunize the NCUSIF may be highly unlikely. Unless the NCUA absorbs losses like it did with Norlarco and other CUs that posted big negative numbers after making bad lending decisions, bidders may balk. Or, some restructuring of the debt may have to be done in order to make Cal State 9 a viable merger target.

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