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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