Though mindful of its weakened financial condition, the $6.6 million Mission SF FCU of San Francisco pressed ahead last week with industry fundraising to bring in a minimum $50,000 of capital to stave off a merger or liquidation.
By last week the struggling California CU had added $30,000 in the donations from its California and nationwide peers toward an eventual $300,000 goal to meet NCUA requirements.
The CU, a member of the National Federation of Community Development Credit Unions, picked up support from one Californian, Barry Jolette, a former CUNA chairman and head of the World Council of Credit Unions. Jolette, president/CEO of the $592 million San Mateo CU of Redwood City which gave $5,000, said his own CU has maintained a long relationship with Mission in assisting the CU as it has strived to serve its low-income and immigrant neighborhood.
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"We try to assist those small credit unions where we know the history and the management and where we believe we can make a difference," explained Jolette. His CU followed the lead of the $3.6 billion Patelco of San Francisco, which also has "adopted" Mission by giving $11,000.
The fundraising led by the Mission CEO, Salvador Duran has also come in for criticism by Charles Bruen, president/CEO of the $892 million First Entertainment CU of Hollywood, who questions the wisdom of the fundraising in light of the CU's poor lending record.
"Our credit union has a long and proud record of serving this struggling community, and the loans he questions are just three, which caused us all the problems and these were unforeseen," said Duran, citing a $150,000 property foreclosure to a borrower who previously had a good record.
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