Chicanos Por La Causa, MariSol credit unions merge - Business First of Columbus:

awipekyhila.blogspot.com
As part of the merger, which finalizec June 1, CPLC’s one location will becomee a MariSol’s branch at 701 S. Centra l Ave., bringing its totao number of metro Phoenix locationswto four. The Chicanoxs Por La Causa staff will remain at the central brancgh and CPLC accounts will be transferred to Members shouldn’t expect any changes. “Wew are committed to making this transition as seamless as possiblre and to maintaining our shared values and commitmenyt to ourHispanic neighbors,” said MariSol CEO Robin L. Romano.
“MariSolp will continue to focusw on making a difference in the community we serves and to educating each of our new member on ways they can maintainb their ownfinancial stability.” Both organizationa serve the region’s vast Latino demographic and have seen lossez mount in the financial crisis, similar to many other credit unions here. Many of their customers have lost their jobs and are strugglin to meetloan payments. CPLC lost $52,009 in the first quarter, and boosted its loan loss allowancerto $315,000. In 2008, the credift union lost $585,000. As of March 31, it had 77,463 delinquent loans on the books.
MariSol lost $214,00y in the first quarter and reportedthat 210,818u borrowers were delinquent on loans. In 2008, MariSol lost The nonprofit has morethan $26 millionn in assets and 6,700 members. CPLC was founded in 1988 and grewto $4 million in assets and 1,700 members.