Search
 

Sterlent and Cal State 9 Liquidated, Patelco Takes Over Both

ALEXANDRIA, Va. -- The NCUA drew the curtains on the Sterlent and Cal State 9 dramas today, declaring the failed credit unions officially liquidated. San Francisco-based Patelco Credit Union purchased and assumed assets of both institutions to the tune of $400 million.

By Heather Anderson | Updated on July 01, 2008

ALEXANDRIA, Va. — The NCUA drew the curtains on the Sterlent and Cal State 9 dramas today, declaring the failed credit unions officially liquidated. San Francisco-based Patelco Credit Union purchased and assumed assets of both institutions to the tune of $400 million.

The California Department of Financial Institutions issued a cease and desist order against Pleasanton, Calif.-based Sterlent Credit Union in February after its net worth fell to 5.15% at year-end 2006. Soon after, the California DFI named the NCUA liquidating agent, and the federal agency quickly liquidated Sterlent and agreed to sell “certain assets and liabilities” to the $4.1 billion Patelco. At the time of liquidation, Sterlent had approximately $94.6 million in assets.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.