SAN FRANCISCO — The bidding interest by credit unions into merging the failed $339 million Cal State 9 CU of Concord, now in NCUA conservatorship, appeared to be spiking Monday with at least one large Illinois CU, the $3.6 billion Citizens Equity First reportedly now in the fray.
“We cannot comment on that matter but I can confirm that apparently the NCUA looked upon us as financially sound, operationally strong and invited us to make a bid,” declared Mark Spenny, the president/CEO of the Peoria CU.
Meanwhile, one of the California CUs, the $1.7 billion Travis CU of Vacaville, which sent staffers to an NCUA bidders conference in Tempe, Ariz. last month, said it has reversed course and is withdrawing its planned offer, saying, “our resources can be put to better application elsewhere.” While attractive, said Travis, “we saw no need to dilute net worth now” to take on the Bay Area CU, which went belly up after real estate losses.
At the same time, two other potential California suitors, the $6.7 billion Golden 1 CU of Sacramento and the $4.1 billion Patelco of San Francisco confirmed their submission of bids to NCUA last Friday.
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