PLEASANTON, Calif. — Sterlent Credit Union here, which has been operating as an insolvent institution since at least early this month, if not before, may have found a White Knight in Patelco Credit Union of San Francisco. Patelco only last week did a deal for a purchase and assumption of the troubled Cal State 9 Credit Union of Contra Costa. Now, a report in the Contra Costa Times reveals that a deal is in the works with Sterlent as well.
Credit Union Times has repeatedly tried to learn the facts from officials at Sterlent, who have not responded. But in response to queries to the California Department of Financial Institutions about why an insolvent CU has not been placed into conservatorship, the DFI said, “DFI and NCUA determined that conservatorship was not necessary in this case. We expect full resolution in a timely manner. DFI continues to supervise Sterlent CU and the NCUA continues to provide primary insurance for members' shares.”
That “resolution” may now be at hand.
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