SAN FRANCISCO — Patelco Credit Union assumed assets of both Sterlent Credit Union and Cal State 9 Credit Union effective July 1, opening the third quarter with an extra $300 million in assets, eight branches and 90 employees.

While news of Patelco's purchase and assumption of Concord, Calif.-based Cal State 9 was originally announced on May 22, the news of Sterlent's sale was announced June 30. However, the news wasn't a bombshell, as the $4.2 billion Patelco has been operating Sterlent under a management agreement with the NCUA for about a month.

Patelco CEO Andy Hunter said bad loans aside, both credit unions' common bonds and locations complement his credit union's strategic plan.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 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.