The failures of two $1 billion banks right in the backyard of the California/Nevada Credit Union League were setting off marketing alarm bells this week among area credit unions.
"Our executive team has scheduled a meeting for today to discuss opportunities," said Ricki McManuis, senior vice president of corporate communications at the $908 million Altura CU of Riverside.
The two banks that failed last Friday, Vineyard Bank NA of Rancho Cucamonga and Temecula Valley Bank of Temecula, are located within roughly a 40-mile radius of Altura CU. Both banks had run into real estate loan problems in the hard-hit San Bernardino area.
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"It's still early yet to hear from consumers, but we do plan to see what course we can take," said McManuis.
The collapse of the California banks came the same day the FDIC said it also closed two other small community banks in Georgia and South Dakota, bringing the number of failures in 2009 to 45.
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