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.
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