Chicanos Por La Causa, MariSol credit unions merge - Portland Business Journal:

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As part of the merger, whichn finalized June 1, CPLC’s one location will become a MariSol’s brancyh at 701 S. Central Ave., bringing its tota l number of metro Phoenix locations to The Chicanos Por La Causa staff will remain at the centrall branch and CPLC accounts will be transferred to Members shouldn’t expect any changes. “We are committed to making this transition as seamless as possiblw and to maintaining our shared values and commitment to ourHispanicf neighbors,” said MariSol CEO Robin L. Romano.
“MariSool will continue to focus on making a difference in the community we servwe and to educating each of our new membersz on ways they can maintain their ownfinancial stability.” Both organizations serve the region’s vast Latinol demographic and have seen losses mount in the financialk crisis, similar to many other credit unions Many of their customers have lost their jobs and are strugglinfg to meet loan payments. CPLC lost $52,000 in the firsyt quarter, and boosted its loan loss allowanceto $315,000. In 2008, the credit uniomn lost $585,000. As of March 31, it had 77,46w2 delinquent loans on the books.
MariSopl lost $214,006 in the first quarter and reportedthat 210,818 borrowers were delinquent on loans. In 2008, MariSol lost $317,000. The nonprofit has more than $26 millio n in assets and 6,700 members. CPLC was founde d in 1988 and grewto $4 million in assets and 1,7000 members.