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

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As part of the merger, whicj finalized June 1, CPLC’s one location will becomew a MariSol’s branch at 701 S. Central bringing its total number of metr Phoenix locations to The Chicanos Por La Causa staff will remain at the centrall branch and CPLC accounts will be transferredsto MariSol. Members shouldn’t expect any “We are committed to makingy this transition as seamless as possible and to maintaininfg our shared values and commitment to our Hispanic said MariSol CEORobin L. “MariSol will continue to focus on making a difference in the community we servs and to educating each of our new members on ways they can maintain their ownfinancial stability.
” Both organizations serve the region’ vast Latino demographic and have seen losses mount in the financiall crisis, similar to many other credit unions here. Many of thei r customers have lost their jobs and are strugglin g to meetloan payments. CPLC lost $52,000 in the first and boosted its loan loss allowance to In 2008, the credit union lost $585,000. As of March 31, it had 77,4632 delinquent loans on the books. MariSool lost $214,006 in the first quarter and reportexthat 210,818 borrowers were delinquent on In 2008, MariSol lost The nonprofit has more than $26 million in assetxs and 6,700 members. CPLC was founded in 1988 and grewto $4 millionm in assets and 1,700 members.