The $7.9 million Family Federal Credit Union in Wilmington, Calif. said Tuesday it completed its merger into the $665 million Self-Help Federal Credit Union headquartered in Durham, N.C. on Sept. 1.
Family FCU members approved the consolidation last month.
“Merging with Self-Help ensures our members expanded services such as an ATM at the branch, longer hours, and new products like IRAs and mortgages,” FFCU President/CEO Lucia Moreno-Linares said, who will remain as branch manager. “It also makes us part of Self-Help’s growing network of branches in California, Chicago and Florida. Most importantly, it continues our legacy of mission-driven service to the community.”
Like many small asset credit unions, FFCU was experiencing financial challenges.
Though its net worth was 10.64% at the end of the second quarter, its ROAA was 0.02%, according to NCUA financial performance reports. The California credit union has not shown any net income losses. However, its net income has been declining. In December 2012, for example, FFCU posted a net income of more than $15,000, but by the end of 2015, its net income fell to $3,621, according to NCUA financial performance reports.
Self-Help FCU serves 66,520 members with 18 branches in California, three in the greater Chicago area and two in Florida.
Self-Help FCU is part of a group of not-for-profit organizations that includes the $740 million Self-Help Credit Union also based in Durham, N.C., a national loan fund and the Center for Responsible Lending, a policy and advocacy organization addressing abusive lending practices.
