Acting at the NCUA's behest, the $1.5 billion Western Federal Credit Union of Hawthorne, Calif. was the successful bidder last week to merge the failed $90 million Oakland Municipal Credit Union.
The purchase and assumption transaction represented the first formally announced NCUA deal in 2010. Terms were not disclosed.
The long-ailing Oakland Municipal, chartered in 1964 with 7,800 members, had been on the NCUA watch list since early last year with net worth ratio at 4.9% in the fourth quarter and delinquent loans at 14.39%. Its net income fell 689.9% in the fourth quarter, following a 272.8% decline in the third quarter.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
