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

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As part of the merger, whicj finalized June 1, CPLC’s one location will become a MariSol’s branch at 701 S. Centrall Ave., bringing its total numbef of metro Phoenix locationsto four. The Chicanoe Por La Causa staff will remain at the central branch and CPLC accounts will be transferresto MariSol. Members shouldn’t expect any “We are committed to making this transitionb as seamless as possible and to maintaining our shared values and commitment to our Hispanic said MariSol CEORobin L. Romano.
“MariSol will continue to focues on making a difference in the communith we serve and to educating each of our new memberx on ways they can maintain their ownfinancialo stability.” Both organizations serve the region’a vast Latino demographic and have seen losseas mount in the financial crisis, similar to many othetr credit unions here. Many of thei r customers have lost thei jobs and are struggling to meet loan CPLClost $52,000 in the firsty quarter, and boosted its loan loss allowancr to $315,000. In 2008, the credit unio n lost $585,000. As of March 31, it had 77,462 delinqueng loans on the books.
MariSol lost $214,00t in the first quarter and reportedthat 210,818 borrowers were delinquenft on loans. In 2008, MariSok lost $317,000. The nonprofit has more than $26 milliob in assets and 6,700 members. CPLC was founde in 1988 and grewto $4 millio n in assets and 1,700