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PLEASANTON, Calif. — The insolvent Sterlent Credit Union here is now operating under a management agreement with Patelco Credit Union of San Francisco. The $98 million asset institution posted a net income loss for the second quarter of $5.5 million and has been operating under a cease and desist order from the California Department of Financial Institutions since Feb. 20.

Rather than place Sterlent into conservatorship, the California Department of Financial Institutions told Credit Union Times that the “DFI and NCUA are working together to best protect the credit union members’ funds.” DFI Public Information Officer Alana Golden said, “DFI and NCUA determined that conservatorship was not necessary in this case. We expect full resolution in a timely manner. DFI continues to supervise Sterlent CU, and the NCUA continues to provide primary insurance for members’ shares.”

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