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Meriwest, Golden Bay Merger Yields 20% Growth

SAN JOSE, Calif. -- With a successful data conversion behind it, Meriwest Credit Union said today its merger with Golden Bay FCU produced increases in a number of areas.

By Michelle A. Samaad | Updated on January 22, 2008

SAN JOSE, Calif. — With a successful data conversion behind it, Meriwest Credit Union said today its merger with Golden Bay FCU produced increases in a number of areas.

Golden Bay’s contribution to Meriwest’s year end performance was approximately 20% growth in assets, deposits and loans, according to Meriwest. Golden Bay’s loan portfolio contained $26 million in sub prime second mortgages which resulted in Meriwest increasing its allowance for loan losses by $9.0 million in December resulting in a loss for 2007, as required under the pooling of interest method for accounting for mergers, Meriwest said. Offsetting this, however, was Golden Bay’s $16.6 million of capital adding a net increase of $7.3 million in retained earnings for Meriwest, nearly double the original plan.

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