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Patelco CU to absorb Cal State 9
ALEXANDRIA, Va. (5/23/08)--The National Credit Union Administration (NCUA) yesterday selected Patelco CU, San Francisco, to purchase the assets and assume the shares of Cal State 9 CU, Concord, Calif. Patelco CU will serve Cal State 9 members after the absorption. NCUA has overseen Cal State 9’s operations since November 2007, when the State of California Department of Financial Institutions appointed NCUA as its conservator. According to Andy Hunter, CEO at Patelco, there are no plans to close any of the five Cal State 9 branch offices. He said the purchase and assumption is expected to be completed by June 30. In the meantime, Patelco will have oversight of Cal State 9 under a management agreement. Patelco noted that Cal State 9 reported $54.5 million in loan and lease losses in its September 2007 quarterly report on file with the state. In the previous quarter, it reported $17 million in losses, Patelco said in a press release. Patelco CU is a state-chartered credit union with $4.1 billion in assets. Cal State 9, originally chartered to serve University of California employees, has assets of $339 million and serves 29,000 members.


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