The $6.3 million, 1,969-member United Workers Federal Credit Union in Castro Valley, Calif. merged with the $830 million, 71,918-member OE (Operating Engineers Local Union #3) Federal Credit Union in Livermore, Calif., on Monday.
Like many very small credit unions, UWFCU has been struggling financially over the last five years.
In addition to declines in loan, fee and investment income from 2008 to 2012, the cooperative has posted total net income loss of $366,147 in the same time period, according to NCUA financial performance reports.
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