California's central valley economy "may be as bad as it gets," but that has not precluded the $317 million Valley First Credit Union of Modesto from becoming the successful bidder for the failed $28 million Tracy FCU, its president/CEO Henry Barrett said Tuesday.
Valley First with 10% capital has suffered significant loan losses like scores of its California brethren, and yet the Modesto CU is gratified to "take advantage of this opportunity as well as others which have come our way in terms of bank properties," Barrett told Credit Union Times.
The NCUA placed Tracy into conservatorship on Friday after asking Valley First to bid on the CU, which will become Valley First's eighth branch.
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