Golden 1, 1st United credit unions to mergeHere's 1st United's I&E for the last year from the NCUA. I'm not sure this is "wonderful news" for Golden 1 members. Note that of the $19 million in "assets," $13 million are either real estate loans or unsecured loans.
The Golden 1 Credit Union will merge with 1st United Federal Credit Union, a two-branch financial institution with $19 million in assets.
The National Credit Union Administration chose Golden 1 to merge with 1st United. “This merger is wonderful news for members of both credit unions,” said Teresa Halleck, president and chief executive officer of Golden 1.
1st United was founded in 1960. The credit union -- which draws its membership base from 150 companies -- has branches in San Jose and Gilroy. The Golden 1 was founded in 1933 to serve California state employees.
The credit union, which is celebrating its 75th anniversary, has 75 offices and more than 270 ATMs in the state. The Golden 1 is the state’s largest credit union, with $6.9 billion in assets and 690,000 members.
|INCOME & EXPENSE:|
|Salaries & Benefits*||334,720||493,606||-1.7||638,771||-2.9||146,036||-8.6||297,649||1.9|
|Total Other Operating Expenses*||279,783||426,208||1.6||566,723||-0.3||169,980||20.0||306,216||-9.9|
|Non-operating Income & (Expense)*||0||-238||0||-238||25.0||0||100.0||31,748||0|
|Provision for Loan/Lease Losses*||298,448||528,448||18.0||1,051,127||49.2||1,628,791||519.8||2,050,889||-37.0|
|Cost of Funds*||308,991||463,237||-0.1||631,242||2.2||149,948||-5.0||276,850||-7.7|
* Items are year-to-date. %Change ratios are Annualized.