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CUs join to start East Palo Altos first CU
EAST PALO ALTO, Calif. (12/28/07)--Four California credit unions formed a partnership to open the first credit union in East Palo Alto Dec. 19. The new Community Trust CU, officially a branch of Modesto-based Community Trust CU, will hold a grand opening in January (Silicon Valley/San Jose Business Journal Dec. 19). The new credit union is the result of a partnership among the $48.5 million asset Community Trust CU; the $2.009 billion asset, Palo Alto-based Addison Avenue FCU; the $826 million asset, Palo Alto-based Stanford FCU; and the $4.278 billion asset, San Francisco-based Patelco CU. Addison Avenue helped underwrite the early development of the new credit union branch by purchasing a three-year interest-free $100,000 certificate of deposit and by contributing startup capital. Community Trust, due to its work with traditionally underserved communities in the area, offered its name and experience as a community development financial institution to the new credit union.


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