The troubled Mission SF Federal Credit Union of San Francisco, one of the oldest inner city credit unions, has lost its battle to stay independent. Following the NCUA's April 8 seizure, Mission has been merged into the $360 million Self-Help FCU of Durham, N.C.
Terms of the purchase-assumption transaction arranged by the agency were not disclosed, but the $6 million San Francisco credit union, now a division of the North Carolina credit union, ends an unsuccessful public drive begun last fall to raise $200,000 in capital to forestall a merger or liquidation.
Mission's new parent, Self-Help, has been among the more active community development CUs in the country, taking over ailing or failing low-income CUs in the Bay Area and Central Valley of California. Over the last three years, Self-Help has combined the operations of six CUs from Bakersfield to Modesto, most with a large Latino membership.
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