Press Releases Press Releases

PRESS RELEASE 08-04
June 30, 2008
Contact: Alana L. Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966
www.dfi.ca.gov

Sterlent Credit Union Liquidated

(San Francisco, CA) The California Department of Financial Institutions (DFI) and the National Credit Union Administration (NCUA) ordered the liquidation of Sterlent Credit Union (Sterlent), a state-chartered, federally insured credit union based in Pleasanton, CA.

The DFI agreed that the NCUA would serve as liquidating agent of Sterlent. Immediately following the issuance of the order, the NCUA entered into an agreement with Patelco Credit Union of San Francisco (Patelco) to sell certain assets and liabilities of Sterlent to Patelco.

At the time of liquidation, the credit union had approximately $94.6 million in assets. Sterlent Credit Union was established in 1936 as EBTEL Federal Credit Union and became a state-chartered credit union in 2002.

The NCUA’s National Credit Union Share Insurance Fund insures all credit union members’ deposits up to $100,000 per account.

For additional information please contact the NCUA, pacamail@ncua.gov or 703-518-6330.

DFI supervises over 700 state financial institutions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, trust companies, offices of foreign banks, issuers of travelers' checks and payment instruments (money orders), and money transmitters. In addition to posting information about licensees, the DFI Web site features consumer tips on a variety of financial topics. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.