Self-help FCU merges another CU.
Members of another California-based credit union have voted to merge their institution with the $550 million Self-Help Federal Credit Union.
On Oct. 1, the 8,300 members of the $38 million Butte Federal Credit Union became the latest new member of Self-Help, operating under Self Help's Community Trust division.
The Biggs, Calif.-based Butte is the eighth Golden State credit union to have merged with Self-Help FCU since NCUA chartered it in 2008.
Self-Help FCU, which serves 58,000 members, is a division of the North Carolina-chartered Self Help Credit Union, headquartered in Durham, N.C.
"Butte prides itself in providing members the best possible financial services," Butte CEO David Morgan said. "Merging with Self-Help ensures that we will continue to offer our members all that they deserve."
The 79-year-old Butte was chartered in 1935 as the first credit union that served The Grange, a fraternal association that promotes community and agriculture.
According to history the credit union provided, an officer of the Land Bank of Chico concluded that he could not help many of the people coming to him for loans, so he and other Grange members formed the credit union, which eventually grew to cover eight largely agricultural counties in California.
"Self-Help is excited to be joining forces with Butte as we both work to provide fair and afford able financial services," Self-Help FCU President Steve Zuckerman said. "Combining our efforts will help us serve more Californians more efficiently"