SAN FRANCISCO -- Why did Patelco purchase and acquire both Cal State 9 and Sterlent Credit Unions, when peers turned up their noses at the lending stink?
Bad loans aside, both credit unions are a good fit for Patelco, because their common bonds and locations complement his credit union's strategic plan, said CEO Andy Hunter.
"In terms of Cal State 9, their field of membership includes college students and employees, and they have branches on or adjacent to several campuses. We find that attractive because we're trying to attract Gen Y," Hunter said.
Sterlent's package includes AT&T employees, also an existing SEG of Patelco's. Hunter said improving relations with AT&T was in his strategic plan before the Sterlent opportunity arose.
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