Two Silicon Valley credit unions, the $207 million National 1st  CU of Sunnyvale and the $140 million San Jose CU, are planning a merger, California regulators said.

Papers for the planned combination were filed a month ago in Sacramento, state regulators reported Wednesday.  

According to NCUA Call Reports, San Jose CU lost $195,000 in 2011 and $79,000 in the first quarter of 2012.

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