May 22, 2008
Patelco Credit Union to Absorb Cal State 9
Patelco Credit Union was selected by the National Credit Union Administration (NCUA) yesterday to absorb Cal State 9 Credit Union based in Concord, CA. Patelco will provide Cal State 9 members with uninterrupted credit union service during and following the consolidation of the two credit unions.
On November 2, 2007, the Department of Financial Institutions (DFI) placed Cal State 9 a state-chartered, NCUA insured credit union, into conservatorship. The DFI and NCUA agreed that a conservatorship was the best way to ensure the safety and soundness of Cal State 9, and to protect member assets while addressing operational issues. The NCUA operated the credit union since November with the goal of continuing credit union service to members through a merger with, or purchase by, another credit union.
NCUA press release http://www.ncua.gov/news/press_releases/2008/MR08-0522-2.htm.