Though mindful of its weakened financial condition, the $6.6 million Mission SF FCU of San Francisco pressed ahead last week with industry fundraising to bring in a minimum $50,000 of capital to stave off a merger or liquidation.
By last week the struggling California CU had added $30,000 in the donations from its California and nationwide peers toward an eventual $300,000 goal to meet NCUA requirements.
The CU, a member of the National Federation of Community Development Credit Unions, picked up support from one Californian, Barry Jolette, a former CUNA chairman and head of the World Council of Credit Unions. Jolette, president/CEO of the $592 million San Mateo CU of Redwood City which gave $5,000, said his own CU has maintained a long relationship with Mission in assisting the CU as it has strived to serve its low-income and immigrant neighborhood.
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