Also: Hennessy raises dividend; Presidio Bank nets $901,023 for 20101st Pacific Credit Union, headquartered in Vallejo, merged with the North Carolina-based Self-Help Federal Credit Union group and will operate under the name Community Trust.
1st Pacific took a loss of more than $6 million in 2009 and close to $5 million in 2010.
“The current economic climate is very challenging for financial institutions, including credit unions,” said 1st Pacific chief executive officer Tim Barnes in a letter to members.
“1st Pacific determined that the best means to continue to offer high-quality financial services and to expand our locations and products was to merge with another strong credit union partner. This merger enhances our financial stability and enables us to better serve our members. When we decided a merger was the right path for the credit union, we were excited to find that Self-Help FCU is very similar to 1st Pacific in values, culture, mission and dedication to best serve its members; these aspects, as well as a strong financial position, create a very good partnership.”
The merger will increase the products and services to 1st Pacific’s members, including residential mortgage lending which dropped off as the economy turned.