Acting at the NCUA's behest, the $1.5 billion Western Federal Credit Union of Hawthorne, Calif. was the successful bidder last week to merge the failed $90 million Oakland Municipal Credit Union.
The purchase and assumption transaction represented the first formally announced NCUA deal in 2010. Terms were not disclosed.
The long-ailing Oakland Municipal, chartered in 1964 with 7,800 members, had been on the NCUA watch list since early last year with net worth ratio at 4.9% in the fourth quarter and delinquent loans at 14.39%. Its net income fell 689.9% in the fourth quarter, following a 272.8% decline in the third quarter.
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