In an extraordinary appeal, the $6.6 million Mission SF Federal Credit Union is asking CUs to donate funds to help restore its capital and forestall an NCUA-engineered merger or liquidation.
In a Nov. 12 letter sent to CEOs of California CUs and fellow members of the National Federation of Community Development Credit Unions, the San Francisco CU said its call for $300,000 in donations was urgent in light of anticipated agency moves following its financial problems. The CU lost $234,000 in the first nine months and has had one of the higher delinquency rates among California CUs.
Salvador Duran, president/CEO, said he has already received some $20,000 in donations so far including a $6,000 grant from "our very supportive and generous benefactor," the $3.6 billion Patelco CU of San Francisco.
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