As expected, the ailing $6 million Mission SF Federal Credit Union of San Francisco was seized over the weekend by NCUA and in a purchase/assumption deal awarded to the $360 million Self-Help FCU of Durham, N.C.
The planned merger with the North Carolina CU, which already operates a northern California branch network, had been signaled as early as last month as the beleaguered community development CU pursued a local and national campaign to raise $200,000 in new capital to stave off its eventual liquidation.
Mission, located in the city's tough Tenderloin Mission district and founded in 1971, had been in a weakened financial condition for nearly two years following losses on mortgages and other loans that went sour. Mission lost $370,000 in 2009 and $262, 000 last year and its net worth is below 1%.
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