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News Now

Washington
CDCU loses fight to stay viable on its own
ALEXANDRIA, Va. (4/11/11)—Little Mission SF FCU may have tried hard to avoid the action, but on Friday the National Credit Union Administration liquidated the $6 million-asset San Francisco community development credit union (CDCU). Its assets, liabilities and members were purchased and assumed by Self-Help FCU, Durham, N.C. However, in their own release after the NCUA announcement, Mission SF and Self-Help lauded their combination and said the "partnership is a proactive step by both credit unions to capitalize on their relative strengths and expand their capacity to provide responsible financial services to working families in San Francisco." It said Mission SF will operate as a division of Self-Help FCU. In January of this year, Mission SF appealed for help to avoid a merger. It was one of two independent CDCUs remaining in California serving a predominately Latino community, and was hit hard by the economic downturn. In a release at the time, Mission SF said it needed to raise $200,000; half of it by Feb. 15, and the second $100,000 by March 15. "Mission SF is determined to avoid a merger and continue to offer the vital and unique services it has provided to its members and the community for over 40 years," said the credit union in a press release. On Friday, the NCUA announced it had assumed control of operations at Mission SF and immediately signed an agreement with Self-Help that allows for continued service to the former members of the San Francisco CDCU “at a safe, sound credit union.” Self-Help is a full-service institution with $210 million in assets and 31,000 members. At closure, Mission SF served about 2,500 members. Formed in the Mission District by Latino immigrants in 1971, Mission SF served as an entry point to the mainstream financial services for new immigrants with financial education, basic financial services and loans. It now served the children and grandchildren of many of its founders. This is the sixth federally insured credit union liquidation in 2011.


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