Even as it increases its capital donation for an ailing San Francisco credit union, Patelco CU disclosed Thursday its community outreach programs have witnessed a 60% budget cut over the last three years.
The $3.6 billion Patelco blamed the economy for the reductions but said it was hopeful 2011 would bring a change even as it strives to protect its "Adopt-a-Credit Union" program.
Patelco, the city's largest CU, numbers among a handful of donors contributing to an unusual campaign by the $6.6 million Mission SF FCU to raise capital from other CUs. Mission management has said it is facing NCUA liquidation or merger perhaps in a matter of days. The CU sent out solicitation letters Nov. 12 to California CU leaders as well as members of the National Federation of Community Development Credit Unions telling of its situation.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
