ALEXANDRIA, Va. — In a closed session of the Board today, the NCUA today selected Patelco Credit Union's bid to purchase the assets and assume the shares of Cal State 9 Credit Union of Concord, California.
Cal State CU had posted continuing heavy losses from Home Equity Lines of Credit loans and was placed into conservatorship in November 2007. NCUA has been operating the credit union with the goal of continuing credit union service to members through a merger with or purchase by another credit union. Patelco Credit Union, of San Francisco, California, will now provide Cal 9 members with uninterrupted credit union service with consolidation of the two credit unions.
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