SACRAMENTO, Calif. – State regulators approved the merger of State Center CU, a troubled one-time $90 million Fresno credit union, into Valley First CU, a $415 million credit union in nearby Modesto

State Center CU, chartered in 1959 to serve state employees then expanded to serve all of Fresno County, has lost money for five straight years and seen its assets decline to $72 million.

Valley First was chartered in 1949 to serve employees of Stanislaus County, then it merged with the Gallo Winery employees.

 

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