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.
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